FTM, the native token of Fantom, is poised for enormous upside momentum, because it has fashioned a bullish value motion sample on its each day timeframe. Regardless of experiencing a value drop of over 56% within the latest decline, it seems that this downtrend is reversing.
Fantom (FTM) Technical Evaluation and Upcoming Ranges
In line with CoinPedia’s technical evaluation, Fantom (FTM) has discovered essential horizontal assist on the $0.60 stage. Since September 2024, the token has bounced a number of instances from this stage, experiencing upside momentum. Nonetheless, this time, the altcoin has proven a bullish divergence on its each day chart.
Bullish divergence is a technical evaluation time period that happens when an asset’s value is making decrease lows whereas a technical indicator, such because the Relative Power Index (RSI), is making increased lows. Merchants and traders typically take into account bullish divergence a possible sign to purchase, anticipating a value bounce or reversal.
FTM Value Prediction
Primarily based on the latest value motion, if FTM holds the essential assist on the $0.60 stage, it’s extremely possible that it’s going to soar by 50% to achieve the $1.05 mark sooner or later.
At present, FTM is buying and selling close to the $0.70 stage and has proven indicators of restoration, experiencing a value rally of over 9.5% previously 24 hours. Taking a look at these value recoveries, participation from merchants and traders is additional skyrocketing. Information from CoinMarketCap reveals that FTM’s buying and selling quantity has soared by 26% throughout the identical interval.
73.7% of Merchants Lengthy on FTM
Taking a look at this bullish outlook, merchants seem like strongly betting on the altcoin, as revealed by the on-chain analytics agency Coinglass. At present, the FTM Lengthy/Quick ratio stands at 2.80, indicating robust bullish market sentiment amongst merchants.
Information additional reveals that 73.7% of prime merchants at present maintain lengthy positions, whereas 26.3% maintain brief positions.
When combining these on-chain metrics with technical evaluation, it seems that the bulls are again in assist of FTM and will assist it obtain its predicted goal.