- FTM’s MACD, RSI, and on-chain indicators showed bullish momentum, signaling potential for further gains.
- Increased volume, open interest, and large trades highlight strong support for FTM’s rally.
Ghost (FTM) made a notable breakout from its descending channel, trading at $0.6721 with an increase of 3.15% at press time.
This rise, combined with a 56.79% increase in 24-hour trading volume, has brought attention to the crypto market.
As traders eye potential all-time highs, the question remains: can FTM maintain this momentum and capitalize on its breakout?
Moving averages and key levels to watch
FTM’s technical indicators offer a promising outlook for its recent price movement. The RSI was at 60.35 at press time, indicating increasing buying pressure.
However, there is still room before the market enters overbought territory (above 70), suggesting the possibility of further upward movement.
Additionally, the MACD also confirms increasing bullish momentum. The MACD line stands at 0.0405, after breaking above the signal line at 0.0321.
This bullish crossover signals an acceleration in bullish momentum, further strengthening the potential for price upside.
Therefore, the convergence of these two indicators suggests that the MTF could continue to increase in the short term, as long as the momentum persists.
Source: TradingView
On-Chain FTM Metrics: What Do They Reveal?
FTM’s on-chain indicators signal strength. Network net growth increased by 0.20%, showing steady adoption, while concentration metrics indicate that large holders, or whales, are holding their positions.
Large transactions also increased by 0.24%, reflecting growing interest from institutional players.
However, In the Money indicators remain neutral, suggesting that not all investors are currently making profits. Despite this, overall on-chain data suggests that FTM is in a strong position for continued growth.
Source: In the block
Volume and Open Interest: Fuel for the Rally?
FTM’s trading volume increased by 42.25% in the last 24 hours at press time, reaching $804.65 million, a significant indicator of market interest, according to Coin glass.
Futures open interest also jumped 7.57%, reflecting growing confidence among traders. The market therefore believes that FTM has room for growth.
Source: Coinglass
Read Fantom (FTM) Price Prediction 2024-25
Will FTM Reach New Highs?
Given FTM’s technical breakthrough, positive on-chain metrics, and increasing trading volume, it appears well-positioned to make further gains.
Therefore, FTM is likely to test new highs soon, provided it breaks key resistance at $0.720 while maintaining robust support levels.
