Fantom (FTM) is set for a 50% rally, here’s why
FTM, Phantom's native token, is poised for massive upside momentum as it has shown strong price action on its daily time frame. While the recent decline has seen prices decline by more than 56%, this downward trend appears to be reversing.
Fantom (FTM) technical analysis and upcoming levels
According to CoinPedia technical analysis, Fantom (FTM) has found critical horizontal support at the $0.60 level. Since September 2024, the token has risen several times above this level, experiencing an inverted momentum. However, this time, the altcoin showed a significant difference on the daily chart.
A bullish divergence is a technical analysis term that occurs when a technical indicator such as the Relative Strength Index (RSI) makes a significant low when the price of the asset is low. Traders and investors often consider a bullish divergence as a signal to buy, anticipating a bullish trend or reversal.
FTM price forecast
Based on the recent price action, if FTM holds the crucial support at the $0.60 level, it may rise by 50% to reach the $1.05 mark in the future.
FTM is currently trading at the $0.70 level and has shown signs of recovery, with a price increase of over 9.5% in the last 24 hours. As we look at these price recoveries, the participation of traders and investors is increasing. According to data from CoinMarketCap, FTM's trading volume has grown by 26%.
73.7% of traders are long on FTM
Given this bullish outlook, traders seem to be betting heavily on altcoins, according to on-chain analytics firm Coinglass. Currently, FTM's long/short ratio stands at 2.80, indicating strong market sentiment among traders.
The data shows that currently 73.7% of top traders hold long positions while 26.3% hold short positions.
Combining these on-chain metrics with technical analysis, it appears that the bulls have returned to support FTM and help it achieve its projected target.
