Fantom [FTM] appears to be on the path to recovery after finding support at the crucial $0.65 level, hinting at a potential bullish rally in the near future. This support zone has previously acted as a launching pad for a significant uptrend between mid-November and mid-December, underlining its importance in the current scenario.
As of the latest data, Fantom has surged by over 10% in less than 24 hours, showcasing a renewed strength in the altcoin. The technical and on-chain metrics also align with this positive momentum, indicating that FTM could be gearing up for another upward surge.
The support zone around $0.65 for Fantom coincides with Fibonacci retracement levels, particularly the favorable reversal zone between 0.618 and 0.718. This confluence has historically been a catalyst for bullish moves in FTM, further supported by the establishment of higher highs and higher lows on the weekly chart.
On-chain metrics from IntoTheBlock highlight Fantom’s bullish potential, with large transactions and bid-ask volume playing a significant role in signaling a potential price increase. Large transactions on the network have seen a 5% surge, indicating a growing interest from institutional and whale investors. Additionally, the bid-ask volume balance has increased by 18.43%, suggesting a rise in buying pressure.
These metrics, combined with Fantom’s current bullish momentum, raise the likelihood of the altcoin breaking through its next resistance level. Continued large transactions and sustained buying pressure will be key factors in propelling FTM to test higher resistance zones and potentially set new highs.
In conclusion, both technical and on-chain indicators point towards a bullish outlook for Fantom, with the $0.65 support zone likely to serve as a launching pad for a new rally. If the current bullish trend persists, FTM could see further upside potential and continue its upward trajectory in the coming days.