Fantom Gains Momentum with $15 Million Influx: Buy or Wait?
Fantom Gains Momentum with $15 Million Influx: Buy or Wait?
The Open Interest has surged by 15% a day indicating improved investors confidence.
Despite a bounce back in the price, the price placed below the 200 day EMA adds a risk of a selloff.
Fantom price overpowered the recent selling pressure and made a strong recovery above the 20 day exponential moving average. Earlier, The price resumed its way towards the recovery after taking a rebound from the $0.40 support.
However, Fantom has to go a long way to recover the earlier losses. The current market scenario highlights a preluding correction phase with the price suffering since Mid March on a broader outlook.
Furthermore, on-chain metrics, Open interest data reveals the strengthening of the buyers near the demand. The increased presence of the buyers may push the price higher to mark an end to the correction phase.
Fantom is an open-source, decentralized platform designed for smart contracts, DApps, and digital assets, offering an alternative to Ethereum. Its primary aim is to address the limitations of earlier blockchains by balancing scalability, security, and decentralization.
$15 Million Inflow Re-establishes Bulls Presence
Fantom Price has been on the rise in the recent sessions after taking a strong bounce from the $0.40 level. As of now, FTM was hovering close to $0.53 rising 13% a week. Recently, FTM price suffered rejection from the 20 day EMA however a significant rise in the Open interest helped FTM overcome the losses and resume its recovery.
<iframe title="Santiment Chart: Total Open Interest in USD (FTM), Price (FTM)" width="800" height="425" src="embed.santiment.net/chart?ps=fantom&pt=FTM&df=2024-07-12T18:30:01.203Z&dt=2024-07-20T18:29:59.203Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
The Open Interest contracts have observed a rise of nearly 15% a day as reported by an on-chain analytics website app.santiment.net. The OI data have surged from $94 Million a to $108 Million establishing the buyers presence at the lower levels.
Furthermore, the transaction volume has surged by nearly 8% a day to $116.49 Million. The volume to market cap ratio at 7.90% suggests mild volatility in the crypto. Fantom ranks 60th in the cryptoverse with a live market capitalization of $1.48 Billion.
Can Fantom Break Out Of Correction?
The daily chart highlights the formation of a falling wedge pattern suggesting an ongoing correction phase. Fantom price has been in a correction phase since mid March and has declined over 30% since then.
The recent sessions have observed a bounce back from the lower boundary of the falling wedge pattern. Fantome price bounced back from the $0.4 demand zone and has surpassed the 20 day EMA indicating buyers presence.
However, the bulls need to overcome more hurdles in order to regain control over the trend and a bullish reversal. On the higher side, the 200 day EMA and $0.64 level may act as a strong hurdle.
Now, if the price records a sustained growth above the $0.64 level, it may validate a bullish reversal and end of a correction phase. whereas, if the selling pressure exceeds, FTM may again suffer towards the $0.40 and lower.
Fantom: Should You Buy Now Or Wait?
Fantom price has risen 13% in a week, bouncing from $0.40 to around $0.53. Despite a recent rejection from the 20-day EMA, a 15% increase in Open Interest (from 94M to 108M) and an 8% daily rise in transaction volume (116.49M) indicate strong buyer presence.
Furthermore, The daily chart showcases a falling wedge pattern, suggesting a correction phase since mid-March. A sustained rise above $0.64 could signal a bullish reversal, while failure to do so might lead to a drop back to $0.40 or lower levels.
The Open Interest has surged by 15% a day indicating improved investors confidence.
Despite a bounce back in the price, the price placed below the 200 day EMA adds a risk of a selloff.
Fantom price overpowered the recent selling pressure and made a strong recovery above the 20 day exponential moving average. Earlier, The price resumed its way towards the recovery after taking a rebound from the $0.40 support.
However, Fantom has to go a long way to recover the earlier losses. The current market scenario highlights a preluding correction phase with the price suffering since Mid March on a broader outlook.
Furthermore, on-chain metrics, Open interest data reveals the strengthening of the buyers near the demand. The increased presence of the buyers may push the price higher to mark an end to the correction phase.
Fantom is an open-source, decentralized platform designed for smart contracts, DApps, and digital assets, offering an alternative to Ethereum. Its primary aim is to address the limitations of earlier blockchains by balancing scalability, security, and decentralization.
$15 Million Inflow Re-establishes Bulls Presence
Fantom Price has been on the rise in the recent sessions after taking a strong bounce from the $0.40 level. As of now, FTM was hovering close to $0.53 rising 13% a week. Recently, FTM price suffered rejection from the 20 day EMA however a significant rise in the Open interest helped FTM overcome the losses and resume its recovery.
<iframe title="Santiment Chart: Total Open Interest in USD (FTM), Price (FTM)" width="800" height="425" src="embed.santiment.net/chart?ps=fantom&pt=FTM&df=2024-07-12T18:30:01.203Z&dt=2024-07-20T18:29:59.203Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
The Open Interest contracts have observed a rise of nearly 15% a day as reported by an on-chain analytics website app.santiment.net. The OI data have surged from $94 Million a to $108 Million establishing the buyers presence at the lower levels.
Furthermore, the transaction volume has surged by nearly 8% a day to $116.49 Million. The volume to market cap ratio at 7.90% suggests mild volatility in the crypto. Fantom ranks 60th in the cryptoverse with a live market capitalization of $1.48 Billion.
Can Fantom Break Out Of Correction?
The daily chart highlights the formation of a falling wedge pattern suggesting an ongoing correction phase. Fantom price has been in a correction phase since mid March and has declined over 30% since then.
The recent sessions have observed a bounce back from the lower boundary of the falling wedge pattern. Fantome price bounced back from the $0.4 demand zone and has surpassed the 20 day EMA indicating buyers presence.
However, the bulls need to overcome more hurdles in order to regain control over the trend and a bullish reversal. On the higher side, the 200 day EMA and $0.64 level may act as a strong hurdle.
Now, if the price records a sustained growth above the $0.64 level, it may validate a bullish reversal and end of a correction phase. whereas, if the selling pressure exceeds, FTM may again suffer towards the $0.40 and lower.
Fantom: Should You Buy Now Or Wait?
Fantom price has risen 13% in a week, bouncing from $0.40 to around $0.53. Despite a recent rejection from the 20-day EMA, a 15% increase in Open Interest (from 94M to 108M) and an 8% daily rise in transaction volume (116.49M) indicate strong buyer presence.
Furthermore, The daily chart showcases a falling wedge pattern, suggesting a correction phase since mid-March. A sustained rise above $0.64 could signal a bullish reversal, while failure to do so might lead to a drop back to $0.40 or lower levels.
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.