$FTM : Short sellers, whales drive FTM rally – is $1 within reach?
Fantom (FTM) has been on a steady upward trend in recent weeks. With a 30-day gain of over 50%, the current price is $0.76, up 9% in 24 hours.
On one hand, short liquidations surged, exceeding $1 million in 24 hours, the second highest level this month. When the price rebounded into the short liquidation zone, short sellers were forced to buy, creating upward momentum.
On the other hand, large transactions surged by 1,000%. Data shows a significant increase in FTM transactions over $100,000, indicating that a surge in whale activity has driven FTM gains to monthly highs. However, it should be noted that whales control 73% of the total supply of FTM, which may trigger price fluctuations.
From the technical indicators, the 50-day simple moving average has crossed the 150-day simple moving average, and if it continues to cross the 200-day simple moving average, it will form a golden cross, adding to the bullish sentiment. The relative strength index is 64, showing that there are more buyers than sellers.
If the buying pressure continues and FTM stays above $0.76, the next major resistance area is above $1. The surge in open interest may also support large price movements. So, is $1 within reach for FTM? Let's wait and see.