Fantom’s ‘Cup and Handle’ setup can push FTM to as high as…
The post Fantom’s ‘Cup and Handle’ setup can push FTM to as high as… appeared on BitcoinEthereumNews.com.
contributor Posted: December 14, 2024 Fantom’s bullish breakout targets $1.40, driven by a textbook cup-and-handle pattern. On-chain metrics and rising Open Interest highlighted strong market confidence in FTM’s uptrend. Fantom [FTM] was trading at $1.28, at press time, reflecting a 5.01% increase in the last 24 hours, with growing optimism surrounding its recent price action. This rise aligns with a textbook cup-and-handle formation on the weekly chart, typically signaling upward trends. FTM’s current price action puts it in a strong position to challenge the crucial $1.40 resistance level. However, breaking this barrier will need sustained buying pressure and favorable market conditions. Traders are closely watching the altcoin’s next move. Technical analysis: FTM targets $1.40 resistance FTM’s weekly chart highlights the significance of the cup-and-handle breakout. This pattern often marks the start of bullish trends, and FTM’s price is no exception. Currently, the $1.40 resistance is a key 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, surpassing $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 instance, the MACD showed a strong bullish crossover, with the MACD line at 0.1546, which is well above the signal line at 0.0769. This points to continued upward momentum. Furthermore, the Average Directional Index (ADX) was at 26.39, confirming a strengthening trend and reinforcing the market’s bullish sentiment. Therefore, these indicators suggest FTM has the momentum to test and potentially surpass its immediate resistance levels. Source: TradingView FTM on-chain signals underline market confidence On-chain metrics support FTM’s rally. Net network growth is up by 0.45%, reflecting increased user engagement. Additionally, large transactions have risen…
Filed under: News - @ December 14, 2024 1:20 pm