FTM’s 2-week price trend – Up by 105%, but is a pullback coming?
- Fantom’s momentum was in overbought territory, at press time, and will see a pullback
- Sturdy demand through the $1 breakout was a long-term bullish signal
Fantom’s [FTM] bulls managed to reclaim the $1.22-level as assist and possessed the energy to drive the worth even increased. It may be anticipated that FTM would take a look at the $1.44-$1.5 resistance zone quickly.
With Bitcoin [BTC] early in its run and lately breaking previous $100k, additional features may be anticipated throughout the altcoin market within the coming months.
Time for an FTM pullback?
Supply: FTM/USDT on TradingView
On the each day chart, the break of the $1-level was an enormous increase to bullish perception. The identical degree was retested as assist on 28 November. Throughout this breakout, the buying and selling quantity expanded to replicate the shopping for stress behind FTM.
The A/D indicator obtained a lift from the rising buying and selling quantity. The indicator mirrored heightened demand as the worth of Fantom continued to rise. Over the previous 5 days, the $1.22 degree has been flipped to assist as effectively.
This was the excessive from March earlier than the altcoin sank right into a six-month downtrend. The following resistance ranges had been at $1.44, $1.68, and $1.79.
The Stochastic RSI was in overbought territory, as was the RSI on the each day chart. This didn’t recommend a right away pullback, however may be interpreted as an indication that the market may very well be overextended. The truth is, it has rallied by 105% in simply over two weeks.
The 23.6% extension degree resistance at $1.44 would possibly rebuff the bulls quickly.
Speculative curiosity continued to develop
The Open Curiosity of FTM moved increased too, arm in arm with the worth. This indicated sturdy bullish sentiment within the Futures market.
Learn Fantom’s [FTM] Worth Prediction 2024-25
The funding fee has been creeping increased over the previous week, displaying better disparity between Spot and Futures costs. This divergence has been spurred by an uptick in speculative contributors, and is an indication of bullish conviction within the short-term.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
