Fantom (FTM) Price Set to Hit $1.68

Fantom (FTM) Price Surge: Aiming for $1.68

Fantom (FTM) has recently experienced a significant price surge, marking a notable recovery from its recent low of $0.64. After breaking through key resistance levels, FTM’s price has soared by 85%, positioning itself for a potential move towards $1.68. As the altcoin continues to attract attention, investors are eager to see if it can sustain its bullish momentum and reach this crucial target.

Fantom’s Recent Price Surge

The impressive rally of FTM began after the cryptocurrency successfully reversed its price action at the $0.64 support level. This breakout was part of a larger bullish pattern, with FTM emerging from a bullish pennant on the weekly chart. As a result, the coin surged by 85%, pushing its price to higher levels, including breaking above the $1.08 weekly resistance.

Chart Analysis: Key Resistance Levels

The bullish momentum didn’t stop there. On the daily chart, FTM continued to gain ground, surpassing the $1.20 resistance level. Traders are now closely watching the $1.68 mark, a critical resistance level on the weekly chart. Reaching this target would mark a significant milestone for Fantom’s price, further validating the strong upward trend and the growing interest in the altcoin.

• FTM surged 85% after breaking key resistance levels.
• Surpassed the $1.08 and $1.20 resistance levels.
• Traders are eyeing the $1.68 target as a major milestone.

This rally has been fueled by a combination of technical factors, including the breakout above resistance levels and the broader market’s momentum. However, investors should also keep an eye on short-term fluctuations, as corrections often occur before a rally can continue.

Whale Activity and Exchange Outflows

Fantom’s recent surge has been accompanied by increased whale activity. According to data from IntoTheBlock, large transactions have climbed by 500% over the last 24 hours, signaling heightened interest from high-net-worth investors. This surge in whale activity often reflects growing confidence in the asset, as institutional and private investors look to capitalize on the altcoin’s price potential.

Simultaneously, exchange outflows have dropped to their lowest levels since June 2024. Lower exchange outflows are indicative of increased demand for FTM, as investors are opting to hold their positions rather than selling on exchanges. This reduced selling pressure could further contribute to FTM’s price growth, signaling a scarcity of the token on the market.

Potential Short-Term Correction

Despite the impressive gains, FTM may face a short-term correction. According to liquidity data from Coinglass, there is a significant liquidation pool around the $1.15 level, suggesting that a price pullback could occur before FTM resumes its upward trajectory. Corrections like these are typical in healthy market trends, often providing a good buying opportunity for investors looking to enter before the next leg of the rally.

• Liquidity data indicates potential pullback near $1.15.
• Short-term corrections can offer buying opportunities.

This correction, if it materializes, could offer FTM a chance to consolidate and gather further momentum before targeting the next resistance at $1.68. However, if FTM continues to show strength, it might quickly recover from any short-term dip and continue pushing towards its target.

What’s Next for FTM?

Fantom’s breakout above several resistance levels, along with the surge in whale activity, has solidified its bullish outlook for the coming weeks. While a short-term correction is possible, the overall market sentiment is in favor of continued upside potential. With growing interest from institutional investors and the increase in whale transactions, FTM’s price could maintain its upward trajectory, potentially reaching the $1.68 target in the near future.

However, as with any cryptocurrency, market conditions can shift rapidly, and unforeseen factors may influence price movements. Traders and investors should remain vigilant and manage their risk accordingly, particularly in the volatile crypto market.

Conclusion

Fantom has shown impressive growth recently, breaking through key resistance levels and attracting attention from both retail and institutional investors. While a short-term correction near the $1.15 level is possible, the overall trend remains bullish, and FTM is well-positioned to target $1.68 in the coming weeks. Investors should stay tuned to price action and market dynamics to make informed decisions as Fantom continues its rally.