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The Fantom crypto records a rise of over 160% in a month: Analysis of March 28, 2024

Thu 28 Mar 2024 ▪ 5 min of reading ▪ by Family Trading Partnership
Getting informed Investissement

Fantom reaches the psychological $1 threshold after bouncing from $0.17. Let’s examine the future outlook for FTM together.

Logo FTM encadré par une loupe avec en fond un graphique en couleur ainsi qu’un taureau et un ours blanc.

Situation of Fantom (FTM)

Since the end of October 2023, Fantom has been continuously rising. Indeed, FTM was trading just below $0.20 during that period. By the end of December, the cryptocurrency crossed the $0.50 mark before initiating a correction down to $0.30. This price level acted as support, enabling it to break through the resistance at $0.66 and then the symbolic threshold of $1. Notably, the $0.30 support was and remains a significant zone of value. Thus, this trend in the price of Fantom now seems to confirm an upward trend in the short and medium term.

The price of the cryptocurrency has recently reached a new peak at $1.22. The cryptocurrency is now just a few cents away from the 38.2% Fibonacci level, calculated from its all-time high to $0.17, which is $1.65. It is currently well above its 50-day and 200-day moving averages, both of which are trending upwards. Theoretically, this confirms that the cryptocurrency is in an uptrend. Unsurprisingly, the bullish momentum of the cryptocurrency has rebounded strongly, as illustrated by oscillators and the price of Fantom itself.

FTM/USD (1D) Chart
FTM/USD (1D) Chart

The current technical analysis was done in collaboration with Elie FT, an avid investor and trader in the cryptocurrency market. Now a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. Here you will find live sessions, educational content, and mutual assistance on financial markets in a professional and warm atmosphere.

Focus on derivatives (FTMUSDT)

Open interest in FTM/USDT contracts has followed the trend of its price, which has generally been on the rise. This shows a mainly buying-oriented speculative interest. These observations can be supported by the fact that the funding rate related to perpetual Fantom contracts is positive, and buyer position liquidations are particularly pronounced during even minor market declines.

Open Interest / Liquidations & Funding rate FTM/USD

The FTM/USDT liquidation heatmap over one month shows that the $1.01 liquidation area was reached, thereby sparking buying interest in the cryptocurrency. Currently, the most significant liquidation zones closest to the current price lie above it, particularly the first at $1.10. However, it is important to note that below the current price, a liquidation zone sits just below $0.90. Price approaching these levels could trigger a massive execution of orders, thus increasing the risk of a period of heightened volatility for Fantom. These areas therefore represent a crucial point of interest for investors.

FTM/USDT Liquidation Heatmap (1 Month)

Potential Scenarios for Fantom’s Price (FTM)

  • If the Fantom price holds above $1, we could anticipate a continuation of the uptrend to the $1.12 level or its last peak at $1.22. The next resistance to consider, if the bullish movement continues, would be $1.65. At that point, this would represent an increase of more than +58.75%.
  • If the Fantom price fails to hold above $1, a drop back to the $0.80 – $0.90 range could be envisaged. The next support to consider, if the downward movement continues, would be around $0.66. At that point, this would represent a decrease close to -36%.

Conclusion

Fantom has shown a strong increase since the end of October 2023, passing key thresholds and confirming an upward trend shift. This performance underlines a heightened trust in its long-term value. However, it will be crucial to closely observe the price reaction at various key levels to confirm or refute the current assumptions. It is also important to remain cautious about potential market “fake outs” and “squeezes” in each scenario. Finally, let’s remember that these analyses are based solely on technical criteria and that the price of cryptocurrencies can also rapidly evolve based on other more fundamental factors.

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Family Trading

Family Trading est une Communauté de traders a compte propre active depuis 2017 offrant Lives, contenus éducatifs et entraides autour des marchés financiers dont celui des cryptomonnaies avec à ses côtés Elie FT, investisseur et trader de passion sur le marché crypto.

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