Despite price corrections across the cryptocurrency landscape, Phantom (FTM) is making waves, leading the market with an impressive price surge of over 10%. After a notable increase over the past 24 hours, FTM is currently trading near $1.05.
In addition, token participation from investors and traders is active, and trading volume appears to have increased by 70% during the same period.
Phantom (FTM) Technical Analysis and Future Levels
These recent price movements have changed market sentiment for altcoins. According to expert technical analysis, FTM is currently at a strong resistance level of $1.10 and appears to be struggling to break above it. However, this is the third straight day that the altcoin appears to be attempting to break this level.
In addition to these general resistance levels, FTM has formed a bullish reversal head and shoulders price action pattern. Moreover, this resistance is now acting as an important neckline for the asset.
Based on recent price action and historical price momentum, if FTM successfully breaks this neckline and closes the daily candle above the $1.10 level, a 40% surge to reach the $1.65 level is likely, and if sentiment does not change, the next few days could be It will take.
On the positive side, altcoins are trading above the 200 exponential moving average (EMA) on daily time frames, indicating an upward trend. In addition to the notable upward momentum over the past 24 hours, FTM’s Relative Strength Index (RSI) has values below 70, indicating that it is not yet in overbought territory, suggesting that there is still room for a further rally in the future.
Whales and traders show strong confidence in Fantom (FTM).
In addition to technical analysis, on-chain indicators further support this optimistic outlook, suggesting that traders and investors have made a strong investment in the token. According to on-chain analytics firm Coinglass, FTM spot inflow/outflow data shows that whales and investors have accumulated a significant amount of tokens over the past three days.
According to the report, net flows of FTM were negative during this period, indicating that whales were significantly withdrawing their tokens from exchanges.
Despite the strong interest from whales and investors, traders have further shown strong interest in altcoins over the past 24 hours. Data shows that open interest for FTM has increased by 15%, indicating growing interest and trust in the token despite market volatility.