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Fantom (FTM) Seeking Recovery: Technical Patterns and On-Chain Metrics Aligning With Supportive Indices

Fantom (FTM) is poised to breakout off the trend of a symmetrical triangle pattern, supported by strong on-chain metrics and technical indicators. At the time of writing, Fantom’s price is down 5.26% from its peak and is currently at $0.7459.

The symmetrical triangle pattern, which represents a breakout, has been intersecting with trendlines on both sides of Fantom, but usually comes before such triple movement; in FTM, this may signal an important bullish move. The $0.93 level has been a long-standing resistance point in history, and if it breaches this threshold, the token could potentially move up even further.

Additionally, Fantom’s price action suggests broader technical conditions such as directional triangles and recent price movements suggest that an ambitious target of $1.20 is within reach.

On-Chain Analysis Highlights Positive Indicators

A positive sign is that Fantom has gained new users and expanded its ecosystem, with a net network growth of 0.24%. The number of “In the Money” addresses has reached 6.52%, indicating that many FTM holders are currently profitable. Large transactions, which often indicate whale activity, have also increased by 4.12%. The surge may indicate institutional or large-scale investment in Fantom.

Moreover, the concentration among large owners has decreased by 0.05%, suggesting a more evenly distributed and healthier distribution of tokens.

Technical Indicators Show Signs of Optimism

The Price Volume Trend (PVT) indicator, which measures buying and selling pressure, is consistently increasing, indicating bullish sentiment among market participants. The Open Interest for FTM Futures has decreased by 2.79% to $193.63 million, but this decrease may be due to profit-taking and does not necessarily contradict the bullish narrative.

However, it is important to note that there are warning signals that could impact Fantom’s potential breakout. The price-daily active address (DAA) divergence is currently at -61.25%, indicating a gap between Fantom’s price movement and the number of active addresses. This divergence may indicate that the current price action is not fully backed by on-chain factors.

Additionally, the drop in Open Interest for FTM Futures indicates market participants are less likely to breakout, which could hinder a potential breakout.

Conclusion

In summary, Fantom’s technical patterns and on–chain metrics point to essentially being bullish, with cautionary signals provided. The $0.93 resistance level and $1.20 target of Fantom will be closely monitored by traders and investors as the cryptocurrency market continues to transform.

For more in-depth analysis and insights on Fantom and the cryptocurrency market, check out this article on CoinSeeks.com.

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