The post FTM’s breakout – Examining if altcoin’s on-chain metrics back its rally odds appeared on BitcoinEthereumNews.com.

FTM’s symmetrical triangle pattern hinted at a potential breakout, with $0.93 as key resistance On-chain metrics were largely bullish, though low active address growth suggested caution Fantom [FTM], at the time of writing, was  showing promising signs of a potential breakout from a symmetrical triangle pattern, one supported by strong on-chain metrics and technical indicators. In fact, recent data revealed a “Mostly Bullish” sentiment, with four key on-chain signals – Net network growth, in the money, concentration, and large transactions—all suggesting a positive outlook.  With a press time price of $0.7459, after falling by 5.26%, FTM’s performance now hinges on whether it can overcome critical resistance levels. However, not all indicators fully supported an imminent breakout, adding some uncertainty. Technical analysis – Is FTM ready for a breakout? FTM’s price action seemed to be forming a symmetrical triangle pattern – Often a sign of an impending breakout. This pattern, marked by converging trendlines, suggested that FTM might soon make a significant move. If this triangle breaks upwards, it could confirm bullish momentum. However, breaking through established resistance levels will be crucial to validate this movement. FTM faces a significant resistance level at $0.93, which has historically acted as a ceiling for upward movement. A decisive break above this level could encourage further gains, with a potential target around $1.20 based on previous price action. Consequently, failing to clear this resistance could see FTM trapped within the current consolidation phase. The price volume trend (PVT) revealed steady growth, indicating a hike in buying interest. This metric pointed to underlying bullish sentiment, suggesting that a breakout could gain strength if accompanied by a surge in trading volume. However, without a major volume spike, the breakout may lack the momentum needed for sustainability. Source: TradingView FTM on-chain metrics support a cautiously bullish sentiment…

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Filed under: News - @ November 13, 2024 6:24 am