astronaut
Walrus
Pearl
Bitcoin
NEAR Protocol
Zcash
Hyperliquid
- The FTM price saw a recovery of over 25% from the bottom this week.
- Its open interest value surged over 2% to $125.33 Million in the last 24 hours.
Fantom (FTM) is back up 25%. The resurgence followed the favorable decision for the Fantom Foundation by the Singapore High Court this week. The court ordered Multichain to compensate a huge $2.19 Million.
Trading inside a falling wedge pattern, FTM could be looking at a breakout and is eyeing the $1 mark. However, the token delivered consecutive buying activity this week and retested the 20-day EMA mark, noting a volume-based buying.
How is FTM Performing?
At press time, Fantom was trading at $0.489 with an intraday surge of 2.10%, reflecting buyers’ accumulation on the chart. It has a monthly return ratio of -16.30% and 18.20% yearly, reflecting short-term consolidation.
The pair of FTM/BTC is at 0.00000816 BTC, and the market cap is $879.66 Million. Analysts are neutral and suggest that FTM may register a breakout and reach the $1 mark soon.
Notably, it was ranked at 83 in terms of market cap and has a total supply of 1.80 billion.
Is Fantom (FTM) Ready for a Potential Reversal?
Fueled by the bitcoin resurgence, its correlated altcoins experienced a notable shift in their value. Still, the Fantom token was traded in the bearish course and tried to hold the gains above the 20-day EMA mark.
A significant uptick followed by a breakout could be seen as soon as the token crosses the trajectory. Beyond the trendline barrier of $0.7000, the token could sprint upto 2x and might reach the $1 mark.
FTM Price Chart | Source: Santiment
The RSI curve’s reading was noted at 43 after crossing the RSI-based MA at 35 from below, indicating an uptrend. A rising RSI usually implies the buyers’ strength.
According to IntoTheBlock data, the Global In/Out of the Money (GIOM) indicator showed that 37.43% of in-the-money holders were sitting on unrealized gains.
This might create a strategic shift, as more than 60% of its holders are willing to secure the gains that could cover their positions during the upcoming bounce.
Surge in Social Popularity
As the token began to recover the gains, investors started to chatter about it on the media platforms. This conveyed a rise in the social dominance of over 13% this week, reflecting the optimistic outlook.
Social Dominance Data | Source: Santiment
Weighted sentiment data is still below the midline zone. It conveyed that its holders were still waiting for clear signs of a breakout and looked in a dilemma.
The immediate support levels for FTM are $0.460 and $0.440, whereas the key upside hurdle is around $0.500, followed by $0.5800.
FTM retested the 20-day EMA mark and is trying to cross the barrier to ascend gains ahead. Its price projections favor the potential reversal and could deliver a significant pullback in the upcoming sessions.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
