The price of Fantom (FTM) has increased over the past 24 hours, outperforming a declining market. Its ADX has risen to 47, signaling strong trend momentum, and historical data suggests it could rise further.
EMA lines also remain bullish, with FTM well-positioned for a continued uptrend towards $1.22. However, if the trend reverses, FTM may test important support levels at $0.77 or even $0.35 during a deeper correction.
The current trend of Fantom is strong but could increase further
Fantom ADX has risen to 47 from just 12 in the past four days, signaling a significant increase in trend strength. ADX, or Average Directional Index, measures the strength of a trend, regardless of direction, on a scale from 0 to 100.
Values above 25 indicate a strong trend, with levels exceeding 40 highlighting very strong momentum. This strong increase in ADX reflects the strength of FTM's current bullish trend, supported by increasing buying pressure.
FTM ADX. Source: TradingView
Although the ADX 47 has indicated a strong trend, historical data shows that the ADX of FTM can exceed 50 during strong momentum periods.
If ADX continues to rise, it will signal even stronger bullish momentum, potentially pushing the price of Fantom higher.
Whales halt FTM accumulation
FTM whales seem to be slowing down their accumulation after a surge in activity earlier this month. The number of wallets holding between 1,000,000 to 10,000,000 FTM increased from 69 on November 15 to 74 on November 21, indicating growing confidence among large holders during that period.
Monitoring the activities of whales is very important, as these large investors can significantly influence market trends through their buying and selling behavior.
Wallets holding between 1,000,000 to 10,000,000 FTM. Source: Santiment
However, as of November 21, the number of these wallets has stabilized, fluctuating between 72 and 74. This indicates that while whales have maintained their holdings, they are no longer accumulating aggressively.
This stability may indicate a pause in Fantom's bullish momentum, with whales waiting for clearer market signals before making their next moves. For FTM, this could lead to reduced volatility unless new catalysts emerge to restore accumulation.
Price prediction for Fantom: Could it reach $1.22?
Fantom EMA lines remain bullish, with short-term lines positioned above long-term lines and the price trading above all of them.
This correlation indicates strong bullish momentum, supported by consistent buying pressure. If the current bullish trend continues to strengthen, the price of FTM could rise another 20% and test the $1.22 level, marking the highest price since March.
FTM price analysis. Source: TradingView
However, if the uptrend reverses, the price of FTM may face a series of important support levels.
Initial support lies at $0.77 and $0.58, but if it fails, the price could drop to $0.35, representing a significant 66% correction.
