Fantom Price Soars 10% as Open Interest Spikes – Is a Bullish Wave Forming?

Highlights:

• Fantom price has increased 10%, with the FTM/USD trading at $1.08 as trading volume spikes.
• Coinglass data shows rising open interest and volume in the Fantom, signaling new money is flowing into the market.
• Crypto analysts predict that Fantom’s price could rise to $3.20 in the mid-term. 

Fantom price is in focus today, as it is up 10% to $1.08 at the time of writing. Its daily trading volume has skyrocketed 50% to $1.35 billion, suggesting heightened market activity. FTM is now up 53% in a week, 56% in a month, and 255% in a year. 

The spiking interest in FTM tokens has seen the market cap surge by 10%, hitting $3.03 billion. Meanwhile, recent indications hint that the decentralized smart contract growth is setting up for a significant rally soon. Coinglass data shows rising open interest and volume in the Fantom market, suggesting that new money flows into the market.

JohncyCrypto, a well-known crypto investor via X, says that Fantom is poised for a significant upside move. He has added that “if the Fantom price breaks above the $1.20 resistance, we could see a rise towards $3.20 in the midterm.”

#FTM

Fantom is poised for a significant upside move as it breaks the long-term symmetrical triangle on the weekly chart🧐

If price breaks above the $1.20 resistance, we could see rise towards $3.20 in midterm🎯 pic.twitter.com/nm32X455rE

— Jonathan Carter (@JohncyCrypto) November 26, 2024

Fantom Statistical Data

Based on CoinmarketCap data:

• FTM price now – $1.08
• Trading volume (24h) – $1.35 billion
• Market cap – $3.03 billion
• Total supply – 3.17 billion
• Circulating supply – 2.80 billion
• FTM ranking – #45

The Fantom price has shown resilience, climbing in a sluggish market. Key indicators point to continued bullish momentum. The 1-day chart points to a strong development of a bullish reversal in place with the formation of the rounded bottom pattern. This pattern usually forms at the point of transition between a bearish trend and the commencement of a bullish trend.

Meanwhile, the 50-day MA at $0.7273 has flipped above the long-term 200-day MA at $0.6030, affirming the Golden Cross. A Golen cross is a bull signal, often leading to the beginning of a long-term uptrend. Moreover, if the support lavels at $0.72 and $0.680 stay intact, the bulls may rally, reaching higher levels.

The RSI has notably climbed from the 50-mean level, currently sitting at the 71.97 strength level. This suggests increased demand and buying pressure, which could cause the Fantom price to soar to $1.50 and beyond. However, with the token currently above the 70-overbought region, it is prudent to watch out for a reversal, as this position suggests that a correction is imminent. 

The market’s bullish outlook is evident as the MACD upholds a buy signal. Traders and investors are at liberty to hold long positions in FTM, bolstered by the blue MACD flipping above the orange signal line. In other words, traders are inclined to buy FTM tokens unless the MACD changes. 

Fantom Price Outlook: How High Can FTM Go?

Given the current trend, there is a good chance that near-term prices could head toward the $1.92 level, especially if buyers continue to push the price higher. Still, traders should be prepared for a possible pullback or consolidation phase, as overbought conditions on the RSI suggest the market may need a cooling off.

Conversely, a retest of the $0.72 support might prove an excellent entry point for buyers intent on positioning for the next leg higher. Overall, a bullish chart pattern combined with strong moving averages and momentum indicators pegs Fantom for a potential further upside toward $1.92 or beyond in the anticipated bull run.