The post Fantom surges 20% in 24 hours: Next key levels for FTM appeared on BitcoinEthereumNews.com.

Fantom’s breakout from consolidation aligned with bullish technical indicators, targeting $1.14 and $1.71. On-chain metrics and a $9B TVL milestone boosted investor confidence in sustained growth. Fantom [FTM] is making waves in the crypto market, soaring over 20% in the last 24 hours to trade at $0.8563, at press time. This breakout follows weeks of consolidation, fueling speculation that FTM may be gearing up for a significant rally. With key resistance and technical signals aligning, could Fantom be heading toward its next target of $1.71? A bullish rally takes shape Fantom has successfully broken out of a descending triangle pattern, a classic bullish structure that often precedes strong upward movement. Consequently, the price has surged past earlier resistance zones, highlighting renewed buying interest. The immediate focus now shifts to the $1.14 resistance level, which could act as a pivotal point for FTM’s trajectory. If this level is surpassed, Fantom may rally further toward $1.71, a price last seen during earlier bullish cycles. Additionally, Fibonacci retracement levels provided further validation of the upward trend. FTM comfortably climbed past the 0.618 retracement level, a strong bullish indicator. Furthermore, the Stochastic RSI indicated that Fantom still has room to climb, as momentum remained intact and has not yet reached the overbought territory. However, traders should remain cautious near resistance levels, where profit-taking could temporarily halt the rally. Source: TradingView Fantom TVL milestone boosts confidence FTM’s bullish sentiment was also driven by its rising Total Value Locked (TVL), which recently surpassed $9 billion. This surge in TVL highlighted growing activity and trust in Fantom’s ecosystem, particularly within its decentralized finance (DeFi) platforms. Therefore, this milestone strengthens the narrative of long-term growth potential for FTM. Source: DeFiLlama FTM’s on-chain activity suggested optimism On-chain metrics further reinforced Fantom’s positive outlook. For example, Net Network Growth has…

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Filed under: News - @ November 24, 2024 3:04 am