Fantom (FTM) has shown significant resilience and potential for further gains following a key technical support retest. On Friday, FTM found robust support at $0.364, aligning with the 61.8% Fibonacci retracement level. This critical support level led to a strong rally of 12.5% over the weekend, with Monday witnessing an additional 3.8% increase, bringing the price to $0.429.
The price action suggests that FTM could be poised for a continuation of this bullish trend. If the $0.364 support holds, the cryptocurrency might see a potential rally of up to 27% to test the next resistance at $0.542. The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators support this bullish outlook, having recently moved above their neutral levels, which is indicative of sustained bullish momentum.
Further evidence of positive sentiment comes from recent whale activity. Large-wallet investors holding between 100,000 and 1 million FTM tokens have decreased, while those with 1 million to 10 million FTM tokens have increased their holdings. This shift suggests that while some larger whales may have exited, others have seized the opportunity to accumulate FTM at lower prices.
If bullish momentum persists and the overall crypto market remains favorable, FTM closing above $0.542 could lead to an extended rally, potentially reaching its July 1 high of $0.610. The ongoing accumulation by significant investors and the technical indicators’ alignment support a cautiously optimistic outlook for Fantom in the near term.
September 2024, Cryptoniteuae
