Fantom (FTM) resists market decline, eyes 40% rally

Despite price corrections across the crypto landscape, Phantom (FTM) is making waves as it leads the market with an impressive price increase of over 10 percent. With this significant increase in the last 24 hours, FTM is currently trading around $1.05.

In addition, investors and traders seem to have a strong participation in the token, which led to a 70 percent increase in trading volume during the same period.

Fantom (FTM) technical analysis and upcoming level

This recent price movement has changed the mood of the altcoin market. According to expert technical analysis, FTM is currently at a strong resistance level at $1.10 and seems to be struggling to breach it. However, this is the third day in a row that the altcoin seems to be trying to break this level.

In addition to this typical resistance level, FTM has formed an inverted head and shoulders price action pattern. Moreover, this resistance is now acting as a critical collar line for the property.

Based on recent price action and historical price progress, if FTM successfully breaks this neckline and closes a daily candle above the $1.10 level, it could rise by 40% to reach the $1.65 level and possibly remain unchanged in the coming days.

On the positive side, the altcoin is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. In addition to the reversal activity seen in the last 24 hours, FTM's Relative Strength Index (RSI) suggests that there is still room for further reversal rallies in the coming days, as the price is below 70, indicating that it is not yet in overbought territory.

Whalers and traders show strong confidence in Phantom (FTM).

In addition to technical analysis, on-chain metrics suggest that traders and investors have placed strong bets on the token. According to on-chain analytics firm Koingles, FTM's spot entry/exit data shows that whales and investors have significantly accumulated tokens over the past three days.

The report indicated that FTM's net flow during this period was negative, indicating that whales had significantly removed the token from the exchange.

Despite strong interest from whales and investors, traders have further shown strong interest in the altcoin over the past 24 hours. The data shows that FTM's open interest increased by 15%, indicating that interest in the token continues to grow despite market volatility.