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  • Fantom Price Surge: Key Support Level Sparks 12.5% Rally
  • News

Fantom Price Surge: Key Support Level Sparks 12.5% Rally

Dennis Gatheca 10 September 2024
PRICE CHART
  • Fantom (FTM) has rebounded from a key support level at $0.364, surging 12.5% over the weekend and trading at $0.429.
  • With positive technical indicators and increased whale accumulation, FTM is poised for further gains, though a drop below $0.364 could reverse the bullish outlook.

Fantom (FTM) has recently demonstrated its resilience by retesting and finding solid support around the $0.364 level. This crucial support has not only held firm but also sparked a 12.5% rally over the weekend. As of Monday, FTM is trading 3.8% higher at $0.429. The bullish momentum is further supported by positive on-chain data and whale activity, suggesting that Fantom could continue its upward trajectory.

Key Support and Bullish Signals

On Friday, Fantom price tested the falling wedge breakout level at $0.364, which coincides with the 61.8% Fibonacci retracement level. This confluence of technical factors makes $0.364 a critical reversal zone. The recent price action, with a 12.5% increase following the retest, underscores the significance of this support level. Should FTM maintain its footing above $0.364, it could potentially surge by 27% to test its daily resistance at $0.542.

The technical indicators paint a bullish picture: the Relative Strength Index (RSI) has crossed above the neutral level of 50, and the Awesome Oscillator (AO) is nearing its neutral zone. For the rally to sustain, these indicators need to stay above their respective neutral levels. If FTM surpasses $0.542, it could see an additional 12.5% rise to revisit the July 1 high of $0.610.

Whale Activity and Market Sentiment

Recent data from Santiment reveals intriguing whale activity. Wallets holding 100,000 to 1 million FTM decreased from 105.85 million to 104.75 million. Conversely, wallets with 1 million to 10 million FTM increased from 214.43 million to 216.87 million. This shift suggests that while some whales may have capitulated, others took advantage of the dip to accumulate FTM, reflecting increased confidence in the asset.

Additionally, Coinglass data shows FTM’s long-to-short ratio at 1.01, indicating a bullish market sentiment. A ratio above one signifies that more traders are expecting price increases, reinforcing Fantom’s positive outlook.

Risks and Considerations

Despite the optimistic signs, the bullish thesis could be invalidated if FTM’s daily candlestick closes below $0.364. Such a move would result in a lower low on the daily timeframe, potentially leading to a 12.5% drop to the August 11 low of $0.320. Investors should monitor this key support level closely to gauge the continuation of Fantom’s bullish trend.

Fantom’s recent price action and on-chain data suggest a promising rally ahead, provided it maintains support at $0.364 and continues to attract bullish sentiment from both traders and whales.

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