- Fantom has a strongly bullish outlook.
- The liquidity charts confirmed the uptrend is prone to proceed after a quick consolidation.
Fantom [FTM] noticed a powerful improve in its buying and selling quantity per week in the past, and this pattern has solely strengthened previously few days. Elevated exercise on the Fantom community with rising dApp volumes was additionally encouraging.
The token was buying and selling beneath a bearish breaker block, however its momentum and commerce quantity meant a breakout would possible happen within the coming days.
Fantom technical indicators underline bullish may
Supply: FTM/USDT on TradingView
Fantom has damaged the native highs at $0.54 which were in play since July. In doing so, the every day market construction was additionally flipped bullishly. The Directional Motion Index additionally signaled a powerful uptrend in progress.
The indicator’s +DI (inexperienced) and ADX had been each above 20 to point out the uptrend was vital. The Superior Oscillator mirrored the bullish momentum of the previous week that noticed Fantom put up 44.7% features in 4 days earlier than a minor pullback from $0.683 to $0.633.
The CMF was at +0.19 to showcase sizeable capital stream into the Fantom market. This elevated demand previously week bolstered the power of the bulls, and made a breakout previous $0.66 extra possible.
The $0.66 and $0.9 zones had been the following pivotal resistance zones and had been a notable provide zone earlier this 12 months. A break and retest of the $0.66 zone ought to provide swing merchants a shopping for alternative.
Liquidation heatmap exhibits key ranges had been swept
Supply: Hyblock
The liquidation heatmap outlined a big pool of liquidity that prolonged from $0.546 to $0.626. Through the rally of the previous week, this zone was swept and worth started to consolidate across the $0.63 space.
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Normally, such an explosive transfer consolidates for a short time, then retraces a small a part of the transfer to engineer liquidity above the native highs earlier than transferring increased to hunt the late quick sellers.
If this situation performs out, Fantom may see a minor retracement towards $0.57-$0.58 earlier than resuming its rally.
Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
