Price Analysis

Fantom Price Pierces $1 Barrier Amid Open Interest Boom, What Next?

The Fantom price breakout from the $1.04 resistance sets the higher recovery amid the formation of a rounding bottom pattern.
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Fantom Price Pierces $1 Barrier Amid Open Interest Boom, What Next?

Highlights

  • A rounding bottom pattern drives the current recovery trend in FTM Price.
  • The $1.04 resistance breakout sets Fantom for a quick 18% surge.
  • The intraday trading volume in Fantom is $1.08 Million, indicating a 121% gain.

Fantom Price: On March 19th, the cryptocurrency market experienced a further decline, with Bitcoin, the preeminent digital currency, falling beneath the significant $65,000 threshold. This downward movement reverberated throughout the market, leading to extended losses among major altcoins including Fantom (FTM). However, the FTM price showcased a notable resilience above $0.8 and rebounded 13% to surpass the $1 barrier. Will this recovery be sustained amid market correction?

Also Read: Bitcoin Price: Why BTC Could Tumble To $50,000 Pre-Halving?

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Bullish Pattern Leads Fantom Price Rally Beyond $1

Fantom Price| Tradingview

FTM, the native cryptocurrency Fantom ecosystem, has been on a substantial upward trajectory since late January. Finding solid footing at the confluence of a $0.3 support level and the 200-day Exponential Moving Average, the FTM price has charted a notable 241% increase within the last two months, now trading at $1.04.

Mirroring this price surge, the open interest in Fantom has seen a remarkable upswing, with Coinglass reporting a jump from $63.5 million to $267 million since the latter part of January. This whopping increase of about 320.47% signals a significant uplift in investor confidence and a burgeoning interest in the cryptocurrency.

FTM Futures Open Interest| Coinglass

This recovery reveals the formation of a bullish reversal pattern known as a rounding bottom, indicative of a potential shift from downward to upward momentum. This pattern is characterized by a gradual and steady recovery of prices, forming what appears to be a bowl or a saucer on the chart, and is often a precursor to a continued bullish trend.

With today’s long bullish candle, the Fantom price has pushed past the $1.04 resistance, potentially paving the way for an extended rally. If the momentum sustained by the rounding bottom pattern holds, we may see the coin price extend its revival to $1.25, with the possibility of reaching $1.68.

Also Read: China SFC Cautions About Scam Amid Hong Kong’s Crypto Revival

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Technical Indicator 

  • Exponential Moving Average: In case of occasional pullbacks, the fast-moving 20-day EMA acts as initial support to keep the recovery trend intact.
  • Relative Strength Index: The daily RSI slope above 70% reflects an aggressive recovery sentiment among traders.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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