Over the past 3 weeks, Fantom crypto has been moving sideways. It is fluctuating in a narrow band between $0.6000 and $0.7000. However, the uptrend was intact, and the bulls tightened their muscles, anticipating a range breakout ahead.
It was holding gains above the 20-day EMA mark and conveying strength on the chart. Amidst the price consolidation, the FTM crypto lingers for a breakout. Last month, Fantom crypto escaped a falling channel, and a golden crossover between 20-day and 200-day EMA was observed.
Buoyed by the positive investor interest and upward shift of over 10%, the FTM price could exit this range. It may split the $0.7100 upper neckline hurdle soon.
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With the bullish cues, Fantom crypto could soon break free and trigger the next wave of bullish rally. A daily close above $0.7100 would permit the bulls to target $0.7600, followed by $0.8000 in the upcoming sessions.
Fantom Price Prediction: Escape Ahead?
The Fantom price was stuck in range and had shown a lack of buying momentum since mid-September. However, the recent recovery from the demand zone signified a further upside ahead.
Source: TradingView
The 5th bullish wave was intact per the Elliott waves, and the FTM price could soon reach the $1 mark.
In a recent tweet, @TradeNomadic posted a chart. In that chart, the analyst highlighted that Fantom crypto has made a firm bottom of around $0.3000 and has continued to trend positively. A rebound toward the 50% Fib zone could soon be seen toward the $1 mark.
$FTM pic.twitter.com/vj5a7Bnw10
— Trading Nomadic (@TradeNomadic) October 13, 2024
Fantom crypto traded at $0.6974 at press time, noting an intraday surge of over 3.66%. Over the last seven days, the FTM price has surged by over 10% and is above the key EMAs.
Meanwhile, a confirmed bullish rally will only occur if the altcoin breaks out of the current range above $0.7100. Fantom crypto’s daily MVRV value at 1.698% suggested that investors considered buying and displayed positive investor sentiment.
The recent price rebound of over 10% weekly and the MVRV ratio surge indicate upside potential. This might lead to increased accumulation and a subsequent price surge ahead.
What Does GIOM Data Say?
The Global In/Out of Money (GIOM) data showed the purchase price distribution of current Fantom holders.
Data indicated that 11,190 holders had bought 1.01 billion FTM at the minimum price of $0.4070, the strong support zone. Further, Fantom crypto price upsurge could be seen if the network traction intensifies.
Source: IntotheBlock
Around 47.90% of in-the-money holders are making money at the current FTM price. On the other hand, 48% of out-of-money holders are facing unrealized losses.
Futures Market Data Outlook
The Open Interest (OI) rose 9.36% to $195.26 Million. This signified prolonged buildup activity over the past 24 hours.
Source: Coinglass
In addition to this, the OI-weighted funding rate remained positive at 0.0129%. It conveyed demand for long positions. The immediate support zones were $0.6500 and $0.6300. Conversely, the resistance levels were $0.7200 and $0.7600 to watch out for the following sessions.
