FTM seemed to be showing promising signs of a breakout from a symmetrical triangle pattern, supported by on-chain metrics and technical...
showing promising signs of a potential breakout from a symmetrical triangle pattern, one supported by strong on-chain metrics and technical indicators. In fact, recent data revealed a “Mostly Bullish” sentiment, with four key on-chain signals – Net network growth, in the money, concentration, and large transactions—all suggesting a positive outlook.
With a press time price of $0.7459, after falling by 5.26%, FTM’s performance now hinges on whether it can overcome critical resistance levels. However, not all indicators fully supported an imminent breakout, adding some uncertainty.FTM’s price action seemed to be forming a symmetrical triangle pattern – Often a sign of an impending breakout. This pattern, marked by converging trendlines, suggested that FTM might soon make a significant move.
FTM faces a significant resistance level at $0.93, which has historically acted as a ceiling for upward movement. A decisive break above this level could encourage further gains, with a potential target around $1.20 based on previous price action. Consequently, failing to clear this resistance could see FTM trapped within the current consolidation phase.
The price volume trend revealed steady growth, indicating a hike in buying interest. This metric pointed to underlying bullish sentiment, suggesting that a breakout could gain strength if accompanied by a surge in trading volume. However, without a major volume spike, the breakout may lack the momentum needed for sustainability.The on-chain metrics largely supported a bullish outlook, though with some caution. Net network growth was up by 0.24%, showing a steady influx of new users.
The large transaction metric was up by 4.12%, highlighting interest from institutional and high-net-worth investors – A positive sign for future price action. Concentration among large holders at 0.05% also implied that whales have been retaining their positions, underscoring confidence in FTM’s long-term potential.The price-daily active addresses divergence had a reading of -61.25%, indicating that the price outpaced user activity growth.
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