contributor
Posted:
- Fantom’s bullish breakout targets $1.40, driven by a textbook cup-and-handle pattern.
- On-chain metrics and rising Open Interest highlighted strong market confidence in FTM’s uptrend.
Fantom [FTM] was trading at $1.28, at press time, reflecting a 5.01% increase in the last 24 hours, with growing optimism surrounding its recent price action.
This rise aligns with a textbook cup-and-handle formation on the weekly chart, typically signaling upward trends.
FTM’s current price action puts it in a strong position to challenge the crucial $1.40 resistance level. However, breaking this barrier will need sustained buying pressure and favorable market conditions. Traders are closely watching the altcoin’s next move.
Technical analysis: FTM targets $1.40 resistance
FTM’s weekly chart highlights the significance of the cup-and-handle breakout. This pattern often marks the start of bullish trends, and FTM’s price is no exception.
Currently, the $1.40 resistance is a key hurdle, acting as a psychological barrier and a vital technical level.
Additionally, the consistent formation of higher lows and increasing buying volume strengthens the bullish case for FTM. If this momentum continues, surpassing $1.40 could unlock a new phase of aggressive upside for the token.
Source: TradingView
Technical indicators suggest sustained strength
Technical indicators validate FTM’s bullish outlook. For instance, the MACD showed a strong bullish crossover, with the MACD line at 0.1546, which is well above the signal line at 0.0769. This points to continued upward momentum.
Furthermore, the Average Directional Index (ADX) was at 26.39, confirming a strengthening trend and reinforcing the market’s bullish sentiment. Therefore, these indicators suggest FTM has the momentum to test and potentially surpass its immediate resistance levels.
Source: TradingView
FTM on-chain signals underline market confidence
On-chain metrics support FTM’s rally. Net network growth is up by 0.45%, reflecting increased user engagement. Additionally, large transactions have risen by 0.62%, highlighting interest from institutional investors.
While the “In the Money” metric shows a minor bearish signal at -0.37%, the concentration metric at -0.10% indicates that large holders are holding steady, further supporting the ongoing uptrend. Together, these metrics underline strong market confidence.
Open Interest reinforces the bullish sentiment
Open Interest(OI) in FTM has surged by 4.75%, now totaling $377.65M. This increase highlights growing confidence among traders and signals heightened speculative interest in FTM’s ability to push past its immediate resistance.
Therefore, the rise in OI further solidifies the case for FTM’s bullish outlook in the near term.
Source: Coinglass
Read Fantom’s [FTM] Price Prediction 2024-25
Fantom’s strong technical structure, robust on-chain metrics, and growing OI strongly suggest it will break the $1.40 resistance. If the current momentum persists, Fantom could not only surpass this level but also set the stage for a sustained rally in the altcoin market.
