Fantom (FTM) Price Prediction: Will FTM Reach New Highs?

Fantom [FTM] has made a notable breakout from its descending channel, trading at $0.6721 with a 3.15% increase at press time. This surge, combined with a 56.79% spike in 24-hour trading volume, has grabbed attention in the crypto market.

Fantom [FTM] price showed a promising breakout from its descending channel on 10 February, as it traded at $0.6721 with a 3.15% increase at press time.

This surge was accompanied by a 56.79% spike in 24-hour trading volume, grabbing attention in the crypto market.

As traders anticipated potential all-time highs, the question remained whether FTM could sustain this momentum and capitalize on its breakout.

Moving averages and key levels to watch

FTM’s technical indicators on TradingView offered an optimistic outlook for its recent price movement.

The RSI was at 60.35 at press time, suggesting increasing buying pressure. This level indicated the potential for further upward movement before the market entered overbought territory (above 70).

Moreover, the MACD also signaled growing bullish momentum. The MACD line stood at 0.0405, having crossed above the signal line at 0.0321.

This bullish crossover indicated an acceleration in upward momentum, further highlighting the potential for price gains.

Therefore, the convergence of these two indicators suggested that FTM may continue to rise in the near term, as long as the momentum held.

FTM on-chain metrics: What do they reveal?

FTM’s on-chain indicators, as presented by IntoTheBlock, were signaling strength.

Net network growth had increased by 0.20%, showcasing steady adoption, and concentration metrics indicated that large holders, or whales, were maintaining their positions.

Also, large transactions had increased by 0.24%, indicating growing interest from institutional players.

However, “In the Money” metrics remained neutral, suggesting that not all investors were currently in profit. Despite this, the overall on-chain data positioned FTM strongly for further growth.

Volume and Open Interest: Fuel for the rally?

FTM’s trading volume had risen by 42.25% in the past 24 hours, reaching $804.65 million at press time, a key market interest indicator, as noted by Coinglass.

Open Interest in Futures contracts also jumped by 7.57%, reflecting growing confidence among traders. So, the market believed that FTM had room to grow.

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