Fantom (FTM) Price Prediction: Escape Ahead?

The Fantom price was stuck in range and had shown a lack of buying momentum since mid-September. However, the recent recovery from the demand zone signified a further upside ahead.

Fantom crypto has been stuck in a range over the past 3 weeks, fluctuating between $0.6000 and $0.7000. However, the uptrend remained intact, and the bulls showed strength, anticipating a range breakout.

The price was holding gains above the 20-day EMA, showing strength on the chart. Amidst the price consolidation, the FTM crypto awaited a breakout. Last month, Fantom crypto broke out of a falling channel, and a golden crossover between 20-day and 200-day EMA was observed.

Buoyed by the positive investor interest and an upward shift of over 10%, the FTM price could exit this range. It may quickly breach the $0.7100 upper neckline hurdle.

With the bullish cues, Fantom crypto could soon break free and trigger the next wave of bullish rally. A daily close above $0.7100 would permit the bulls to target $0.7600, followed by $0.8000 in the upcoming sessions.

The Fantom price was stuck in a range, showing a lack of buying momentum since mid-September. However, the recent recovery from the demand zone indicated further upside.

The 5th bullish wave was intact per the Elliott waves, and the FTM price could soon reach the $1 mark.

In a recent tweet, @TradeNomadic posted a chart. In that chart, the analyst highlighted that Fantom crypto has made a firm bottom of around $0.3000 and continued to trend positively. A rebound toward the 50% Fib zone could soon be seen toward the $1 mark.

$FTM pic.twitter.com/vj5a7Bnw10

Fantom crypto was priced at $0.6974 at press time, noting an intraday surge of over 3.66%. Over the last seven days, the FTM price has increased by over 10% and is above the key EMAs.

Meanwhile, a confirmed bullish rally will only occur if the altcoin breaks out of the current range above $0.7100. Fantom crypto’s daily MVRV value at 1.698% indicated that investors were looking to buy, showing positive investor sentiment.

The recent price rebound of over 10% weekly and the MVRV ratio surge indicated upside potential. This might lead to increased accumulation and a subsequent price surge ahead.

The Global In/Out of Money (GIOM) data showed the purchase price distribution of current Fantom holders.

Data indicated that 11,190 holders had bought 1.01 billion FTM at the minimum price of $0.4070, the strong support zone. Further, Fantom crypto price upsurge could be seen if the network traction intensifies.

Around 7.90% of in-the-money holders are making money at the current FTM price. On the other hand, 48% of out-of-money holders are facing unrealized losses.

The Open Interest (OI) rose 9.36% to $195.26 Million, indicating prolonged buildup activity over the past 24 hours.

In addition to this, the OI-weighted funding rate remained positive at 0.0129%, showing demand for long positions. The immediate support zones were $0.6500 and $0.6300. Conversely, the resistance levels were $0.7200 and $0.7600 to watch out for the following sessions.