Mapping Fantom’s [FTM] short-term target of $1.47 and beyond
The post Mapping Fantom’s [FTM] short-term target of $1.47 and beyond appeared on BitcoinEthereumNews.com.
Altcoin recently broke out of a descending channel, indicating the start of a potential upswing Large-volume traders are yet to enter the market, leaving retail investors to drive the price action In the last 24 hours, FTM’s price gained by 11.68% on the charts, marking a sharp recovery and positioning the asset to potentially erase its monthly losses of 30.87%. Further price gains could be fueled by greater interest from institutional “whale” investors and sustained buying momentum from retail traders. FTM’s build-up to $1.47 in progress At the time of writing, FTM had broken out of a descending triangle pattern on the 4-hour chart, marked by a shift towards higher prices after an extended period of consolidation within narrow zones. However, the chart revealed a significant resistance level, one that has previously blocked upward momentum twice – Intensifying the descending triangle’s formation. This resistance could lead to a slight pullback or a delay in further gains, depending on the strength of the ongoing bullish momentum. If FTM can sustain its upward drive from the press time price of $0.85, the asset could rally to $1.47—A potential 73.28% hike. Source: TradingView To evaluate whether there is sufficient momentum to fuel this rally, AMBCrypto conducted an analysis of key on-chain variables. Retail investors drive FTM’s rally as whales hold back FTM’s recent gains in both weekly and daily trading periods appear to be primarily driven by retail investors, who account for a smaller portion of the market. This trend seemed to be supported by a 17.86% spike in the number of Active Addresses, indicating a hike in trader participation. Here, Active Addresses refer to wallet addresses involved in at least one transaction—sending or receiving—within a specific timeframe. Source: IntoTheBlock The rise in active addresses, coupled with FTM’s price surge, pointed to growing…
Filed under: News - @ January 4, 2025 7:23 pm