Up 4 days in a row! Analysts bullish on FTMcoin: breaking through 'this point' could lead to big pump of 2 digits

Analysts are optimistic about the trend of FTM

The recent trend of Fantom ($FTM) has attracted high attention from investors. The coin fell below $0.6 last Friday, but successfully held and found support at $0.577, followed by a continuous 4-day rebound, rising more than 11%.

With BTC ($BTC) breaking through $70,000 and challenging new highs in the past two days, the overall market's long positions seem to be continuously strengthening, and the market sentiment of $FTM has also been driven and turned bullish. Many analysts believe that once it breaks through the key resistance level, $FTM's upward trend is expected to continue and achieve double-digit gains in the near future.

Image source: Coingecko $FTM PA

According to the data from CoinGecko, the price of $FTM is reported to be 0.7125 dollars at the time of writing.

Prepare for a big pump once we break through this level.

Analysts pointed out that the $FTM's $0.577 support level is located near the 200-day exponential moving average (EMA), and if the $0.577 support level remains strong, $FTM is expected to rise by about 12% from the current price and challenge the next daily candlestick resistance level of $0.796.

Image source: TradingView $FTM PA

If it can break through and hold steady at the daily candlestick resistance level of 0.796 USD, it will be converted into a support level. $FTM will further challenge a 22% increase and is expected to retest the high point of 0.965 USD set on May 20 this year.

In addition, the relative strength index (RSI) on the daily candlestick chart also shows a positive bullish signal, currently at 54, breaking through the neutral 50 level, indicating that buying momentum is gradually strengthening.

According to GIOM data, there are currently about 4,320 Addresses accumulating approximately 678.91 million FTM Tokens, with an average purchase price of 0.588 US dollars. The purchase range is concentrated between 0.529 US dollars and 0.650 US dollars, making this range an important support for $FTM at present. If it can hold steady in the future, it will become an important foundation for the continued rise of FTM.

Rising Risks and Market Outlook

According to Coinglass data, the long/short ratio of $FTM is currently 1.06. This ratio represents the proportion of longs (bullish) and shorts (short positions) in the market. When the ratio is higher than 1, it means that there are more investors expecting the price to rise.

Image Source: Coinglass $FTM Long/Short Ratio

The long/short ratio of 1.06 reflects the gradual increase in bullish sentiment towards $FTM, with long investors gradually increasing their holdings on major exchanges. For supporters of Fantom, the short-term upside potential is quite promising.

But analysts also warned that once $FTM fails to hold the key support level of $0.577, the above bullish argument may become invalid at any time, with the possibility of a double-digit decline next and a test towards the next key support level of $0.474.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are appropriate for their specific circumstances. Invest at your own risk.