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Can FTM rally beyond $0.65? Watch out for THESE levels
Fantom’s recent bounce from the key $0.65 support zone has led to a significant 10% gain in just under 24 hours, and it appears that metrics are aligning with this bullish momentum.
As Fantom tests this crucial level of $0.65, a breakout could lead to further upside for the altcoin. Historical data suggests that FTM may be setting itself up for another upward surge, as this zone has previously triggered significant rallies in the past.
One key aspect to keep an eye on is the confluence of Fibonacci retracement levels at around $0.65. This alignment with a favorable reversal zone between 0.618 and 0.718 could potentially act as a catalyst for FTM’s next move.
Furthermore, on-chain data from IntoTheBlock highlights growing interest from institutional and whale investors, with large transactions surging by 5% and bid-ask volume balance increasing by 18.43%. This influx of capital could propel FTM to test higher resistance zones, should the bullish trend continue.
As a result, it is crucial that any investors or traders keep an eye on the current $0.65 support zone as a potential launchpad for further upside.
Source: ambcrypto.com
