Analyst Shows Optimism For FTM Price; Can It Surge By 50% Soon?

• 1 A reputed analyst has shown optimism for FTM price, and his chart shows a solid setup for the upside.
• 2 FTM is one of the few coins looking to go against the rest of the market.
• 3 The Fantom (FTM) open interest is $600.61 Million, which rose by 5.09% in the previous session.

The Fantom (FTM), based on the DAG consensus system blockchain platform, had been overruling the current bearish sentiment set by market leaders, as it was positive this week by 4.56%. 

However, Bitcoin price has been under consistent downward pressure, as most participants seem to be dumping the crypto. The entire crypto realm had been reacting to the market leader, Bitcoin. 

Meanwhile, Bitcoin holds 53.3% market dominance at the time of writing. Most other crypto assets are reacting to BTC’s price moves, but FTM is one of the few coins looking to go against the rest of the market.

FTM Statistics and Liquidations Data Overview!

The entire crypto landscape displays a negative price structure, and in the list of major top 100 cryptocurrencies, FTM has secured a rank of 51st on the CoinMarketCap website in terms of market cap. The volume has surged 4.20%, and the market cap has surged 1.47%. The market cap stands at $1.669 Billion, and the 24-hour volume amounted to $244.943 Million. 

Meanwhile, the volume-to-market cap ratio highlights moderate liquidity in the market, and the ratio stands at 14.77%. Thus, it signifies that the investors and traders could square off their holdings at their desired price values. Furthermore, the circulating supply holds 88.4% of the total supply, which is at 2.803 Billion FTM that is out in the market, and the total supply is 3.175 Billion FTM.

FTM Total Liquidations Chart | Source: By Coinglass.com

Fantom (FTM) open interest is $600.61 Million. As per Coinglass, it rose by 5.09% in the previous session. The long versus short ratio for 24 hours is 1.0379. The short liquidation is $316.26 K versus $327.13 K for the long liquidation. Therefore, it shows the data is mostly linear and depicts uncertainty in future price movements.

What Does Price Action Highlight in FTM Over the Daily Chart?

The Fantom crypto has shown us an excellent price action in the past sessions. The price had a fantastic rally that began from $0.20000 support on Oct 20, 2023, and made a first peak at $0.5550 by 2023 end, which dropped to $0.31454 support by January last week, 2024. From the $0.31454 price support level, the upsurge was giganticly large, which peaked at $1.21773 marke by the last week of March 2024.

After that, the price declined following a declining trendline and formed the next crucial support at $0.65729, where sellers tried three times to break the level, but buyers were strong, and it rose again until $0.95844. From the recent high of $0.95844, the price has built support at $0.52413  and is rising toward the trendline.

The analyst Crypto Rand @crypto–rand also highlights on x Via a tweet post with a chart drawing in it that the FTM daily candle chart shows a solid setup overall as per the analyst (DYOR); the current bounce looks optimistic to the analyst for the future price sessions. 

Also, his chart drawing suggests to traders and investors that the optimism in FTM could take its price towards the trendline resistance with less effort and, beyond that, could open the doors to capture the lost territories back.

Furthermore, it has been observed on the daily candle chart that the price has been seen bouncing back from the resistance turned support of the first peak, and here, buyers could be strong. Indicators also confirm the bullish suspicion as MACD shows a bullish cross, and RSI has been taking support from 14-SMA.

Therefore, if the FTM price rises, it could achieve targets like $0.77 and $0.92. However, if bearishness prevails beneath the $0.52413, the resistance would be near $0.4400 and $0.30815.

Summary

Bitcoin price has been under consistent downward pressure, and the entire crypto realm has been reacting to the market leader, Bitcoin. But FTM is one of the few coins looking to go against the rest of the market.

The Fantom price has shown us a wonderful price action in the past sessions. The analyst @crypto rand recently highlighted with a chart drawing that the FTM daily candle chart shows a solid setup for the rise. Also, his chart drawing suggests to traders and investors that the optimism in FTM could take its price towards the trendline resistance with less effort and, beyond that, could open the doors to capture the lost territories back.

Therefore, if the price rises, Fantom (FTM) could achieve targets like $0.77 and $0.92. However, if bearishness prevails beneath $0.52413, the resistance would be near $0.4400 and $0.30815.

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.

Anurag S

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.