Fantom’s Cup and Handle Setup: Is a Price Surge Imminent for FTM?

Fantom’s cup-and-handle pattern suggests a potential price surge above $1.40.

Strong technical indicators, including the MACD and ADX, support FTM’s bullish outlook.

On-chain metrics and rising Open Interest highlight growing confidence in FTM’s price movement.

Fantom (FTM) is gaining attention after rising 5.01% in the past 24 hours, trading at $1.28 as of writing. This increase aligns with a cup-and-handle pattern on the weekly chart, often signaling the start of a strong upward trend. FTM is now positioned to challenge the crucial $1.40 resistance. Will the altcoin break through and continue its climb?

FTM Eyes $1.40 Resistance

The cup-and-handle pattern on FTM’s chart suggests a bullish outlook. This setup often marks the beginning of a price rally, and FTM seems ready to follow suit. Right now, the $1.40 level is the main hurdle. If FTM breaks through this resistance, the altcoin could experience significant upside movement.

The formation of higher lows and the rise in buying volume further strengthen the case for a breakout. Traders are keeping a close eye on how FTM performs in the next few days to see if the altcoin can surpass $1.40.

Technical Indicators Hint at Continued Growth

Technical indicators show that FTM has the momentum to continue its upward trend. The MACD has crossed into bullish territory, signaling more upward movement. The Average Directional Index (ADX) stands at 26.39, confirming the trend is strengthening. On-chain metrics also support the bullish outlook. Net network growth has increased by 0.45%, reflecting more user engagement.

Large transactions have risen by 0.62%, indicating institutional interest. Although the “In the Money” metric shows a minor bearish signal, the concentration metric shows that large holders remain steady, reinforcing the uptrend. The surge in Open Interest by 4.75% to $377.65M is another sign of growing trader confidence. This increase signals that more traders expect FTM to break through the $1.40 resistance.

For now, Fantom is well-positioned to push past $1.40 with strong technicals, solid on-chain metrics, and rising Open Interest. If the current momentum continues, a significant price surge could be on the way.

The post Fantom’s Cup and Handle Setup: Is a Price Surge Imminent for FTM? appeared first on Crypto News Land.