- FTM bulls broke the $0.47 resistance, indicating a move in the direction of $1.
- Exchange outflows outpaced inflows, suggesting a future rally for the token.
Phantom (FTM)’s 23.83% gain over the past 7 days was able to break through the $0.47 resistance. At press time, the price of FTM was $0.50. But this may not be the short-term end for FTM.
According to cryptocurrency analyst Ali Martinez, $0.47 resistance has now become a support zone for the cryptocurrency.
Martinez noted in his post that this increase provides a clear path for FTM to reach $0.66 while acknowledging that the price could rise even higher.
#fantasy 1,430 addresses successfully crossed the key resistance level of $0.47 with over 653 million accumulated. $FTM.
With this resistance now acting as support and no major supply wall visible, the path appears clear. #FTM Marching towards $0.66 or higher. pic.twitter.com/GZqeFLznHI
— Ali (@ali_charts) December 23, 2023
$0.66 may not be the last stop.
A few days ago, AMBCrypto noted that for FTM to experience a rally, the supply wall would need to break down at $0.47. Therefore, the recent increase means that the conditions mentioned above were valid.
From a technical perspective, if A/D (Adding/Distribution) continues to show the same trend, FTM could move closer to $1.
At press time, A/D had increased to 4.09 million, indicating a surge in FTM buy orders. The H4 FTM/USD chart also showed that the structure is firmly in control with the bulls.
In the previous article mentioned above, AMBCrypo highlighted how there was strong support at $0.39.
Looking at the chart again, we see that Martinez has gained another support at $0.47. As Bollinger Bands (BB) volatility increases, strong buying pressure could push FTM above $1.
But first, the short-term target remains at $0.66.
Source: TradingView
However, looking at the moving average convergence and divergence (MACD), the bullish momentum appeared to be slowing down somewhat. Therefore, there is a chance that FTM will fall by $0.50 before resuming its uptrend. So traders should take note.
Due to these movements, Weighted Sentiment surrounding Phantom is rising.
FTM gains double down
Weighted Sentiment tracks unique social volume for your project. A positive indicator means that discussions and opinions about the project are positive on average.
On the other hand, a negative Weighted Sentiment indicates that market participants are bearish about the price movement.
Therefore, FTM’s Weighted Sentiment for 3.13 meant traders were optimistic about the price at press time. It’s no surprise that Exchange Outflow outpaces Exchange Inflow.
According to AMBCrypto’s assessment of Santiment data, FTM’s Exchange Inflow was 19.20 and Exchange Outflow was 367,000.
Source: Santiment
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This difference means that there are more players looking to hold FTM than selling tokens.
It is highly unlikely that FTM will crash or experience significant selling pressure in the future. Therefore, traders may find it attractive to find an entry around $0.50 before the token begins its explosive rise.