Fantom (FTM) price has risen in the past 24 hours, outperforming the declining market. Its ADX has skyrocketed to 47, indicating strong trend momentum, and historical data suggests it may rise further.
The EMA line also remains bullish, with FTM in a favorable position to continue rising to $1.22. However, if the trend reverses, FTM may test key support levels at $0.77 or even $0.35 in a deeper correction.
Fantom's current trend is strong, but it may rise further.
Fantom's ADX has surged from 12 to 47 in the past four days, indicating a significant increase in trend strength. The ADX (Average Directional Index) measures the strength of a trend regardless of direction, ranging from 0 to 100.
Values above 25 indicate a strong trend, and above 40 indicate very strong momentum. The significant rise in ADX reflects the robustness of FTM's current upward trend, supported by increasing buying pressure.
Although an ADX of 47 indicates a strong trend, historical data suggests that during strong momentum, FTM's ADX could exceed 50.
If the ADX continues to climb, it will indicate stronger bullish momentum, potentially pushing Fantom's price higher.
Whales stop increasing their FTM holdings
After a significant increase in activity earlier this month, the accumulation rate of FTM whales seems to be slowing down. The number of wallets holding between 1,000,000 and 10,000,000 FTM increased from 69 on November 15 to 74 on November 21, indicating a boost in confidence among large holders during this period.
Tracking whale activity is crucial, as these large investors can significantly influence market trends through their buying and selling behavior.
However, since November 21, the number of these wallets has stabilized, fluctuating between 72 and 74. This suggests that while whales have maintained their holdings, they are no longer actively increasing them.
This stability may indicate a pause in Fantom's bullish momentum, with whales waiting for clearer market signals before taking further action. For FTM, this may lead to reduced volatility unless new catalysts emerge to reignite accumulation.
Fantom price prediction: Can it reach $1.22?
Fantom's EMA line remains bullish, with the short-term line above the long-term line, and the price trading above all lines.
This arrangement indicates strong upward momentum supported by ongoing buying pressure. If the current upward trend continues to strengthen, FTM price could rise an additional 20% and test $1.22, marking the highest price since March.
However, if the upward trend reverses, FTM price may face a series of key support levels.
Initial support levels are at $0.77 and $0.58, but if these support levels fail, the price could drop to $0.35, representing a significant 66% correction.
