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- Fantom’s bullish breakout targets $1.40, driven by a classic cup-and-handle pattern.
- On-chain metrics and rising open interest highlighted the market’s strong confidence in FTM’s uptrend.
Fantom (FTM) was trading at $1.28 at press time, reflecting a 5.01% increase over the past 24 hours, with growing optimism surrounding its recent price action.
This rise aligns with a classic cup and handle formation on the weekly chart, generally signaling upward trends.
FTM’s current price action puts it in a strong position to challenge the crucial resistance level of $1.40. However, breaking this barrier will require sustained buying pressure and favorable market conditions. Traders are closely watching the altcoin’s next move.
Technical analysis: FTM targets resistance at $1.40
FTM’s weekly chart highlights the importance of the cup and handle breakout. This trend often marks the start of uptrends, and FTM price is no exception.
Currently, the $1.40 resistance is a major hurdle, acting as a psychological barrier and a vital technical level.
Additionally, the consistent formation of higher lows and increasing buying volume strengthens the bullish case for FTM. If this momentum continues, breaking above $1.40 could unlock a new phase of aggressive upside for the token.
Source: TradingView
Technical Indicators Suggest Sustained Strength
Technical indicators validate FTM’s bullish outlook. For example, the MACD has shown a strong bullish crossover, with the MACD line at 0.1546, which is well above the signal line at 0.0769. This indicates continued bullish momentum.
Additionally, the Average Directional Index (ADX) was at 26.39, confirming a strengthening trend and reinforcing bullish market sentiment. Therefore, these indicators suggest that FTM has the momentum to test and potentially surpass its immediate resistance levels.
Source: TradingView
On-Chain FTM Signals Highlight Market Confidence
On-chain metrics support FTM’s rally. Net network growth is up 0.45%, reflecting increased user engagement. Additionally, large transactions increased by 0.62%, highlighting the interest of institutional investors.
While the “In the Money” measure shows a minor bearish signal at -0.37%, the concentration measure at -0.10% indicates that large holders remain stable, further supporting the ongoing uptrend. Together, these indicators highlight strong market confidence.
Open Interest reinforces bullish sentiment
Open interest (OI) in FTM jumped 4.75%, now totaling $377.65 million. This increase highlights growing trader confidence and signals increased speculative interest in the FTM’s ability to move past its immediate resistance.
Therefore, the rise in OI further strengthens the case for FTM’s bullish outlook in the near term.
Source: Coinglass
Read Fantom (FTM) Price Prediction 2024-25
Fantom’s strong technical structure, robust on-chain metrics, and increasing OI strongly suggest that it will break the $1.40 resistance. If current momentum persists, Fantom could not only break above this level but also pave the way for a sustained rally in the altcoin market.
