Fantom’s Impressive Price Rally
Fantom (FTM) has extended its remarkable rally, gaining 8% as of Thursday, following an impressive 43% surge in the previous week. Trading above $1.09, FTM is benefiting from a broader altcoin rally fueled by Bitcoin’s (BTC) recovery from its recent pullback.
Key On-Chain Metrics Supporting the Bullish Trend
Fantom’s recent rally is backed by significant on-chain data, highlighting strong investor activity and market interest. Key metrics include:
- Daily Trading Volume: Reached $1.34 billion on Tuesday, the highest level since April 2022, up from $387.6 million on November 22.
- Open Interest (OI): Futures OI almost doubled, climbing from $213.51 million on November 22 to $405.14 million on Wednesday, a record since mid-March.
These metrics suggest increased liquidity and new money entering the market, further supporting FTM’s bullish outlook.
Technical Analysis: FTM Targets Yearly High
Fantom’s price rally is poised to challenge its yearly high of $1.22, last reached in March. A successful close above this level could open the door for additional gains, targeting the $1.45 weekly resistance level.
The Relative Strength Index (RSI) on the weekly chart stands at 67, well above its neutral value of 50, and continues to point upward. This indicates growing bullish momentum and potential for further upside.
Market Sentiment and Liquidity Boost
Fantom’s bullish momentum is further reinforced by increasing market interest and liquidity on its network:
- Growing daily trading volumes reflect heightened trader activity and confidence in FTM’s price potential.
- Rising Open Interest underscores a wave of new buying, signaling sustained market optimism for FTM.
With these factors aligning, Fantom remains well-positioned for continued upward momentum in the coming weeks.
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