Is a price correction coming?

• Analysts warned that FTM’s resistance at $0.50 might set off a bull entice, with a possible correction in direction of $0.465.
• Rising open curiosity and whale exercise indicated rising bullish momentum, however warning remained at $0.50.

Phantom [FTM] has not too long ago skilled a big surge, however analysts issued warnings because the token approached a key resistance stage.

Act on $0.4874 On the time of writing, FTM has seen a slight decline of -0.76% over the previous 24 hours, whereas a rise of 25.29% has been recorded over the previous week. The market capitalization was $1.36 billion, with 2.8 billion FTM in circulation.

Crypto analyst @CryptoJobs3 has expressed issues a few potential bull entice because the FTM approaches the $0.50–$0.5050 vary.

Citing a bearish divergence on the RSI, the analyst acknowledged:

“A correction is feasible; the value might transfer in direction of the $0.470 – $0.4650 vary once more.”

A breakout above $0.50 might push the value in direction of $0.5200, however the analyst remained cautious about getting into lengthy positions at present ranges.

Bullish momentum with warning

A number of key technical indicators pointed to near-term bullish momentum, however overbought situations might result in a pullback.

The Bollinger Bands confirmed that the value was close to the higher band, signaling potential overbought situations.

The tight bands indicated low volatility, suggesting a breakout is imminent.

Supply: TradingView

The MACD confirmed a bullish crossover, with the MACD line above the sign line and constructive histogram bars. This indicated rising bullish momentum, though the development remains to be in its early phases.

In the meantime, quantity stays low, indicating weak conviction behind the current worth enhance.

Analysts instructed {that a} break above $0.50 accompanied by rising quantity would verify a bullish development, however failure to breach this stage might result in a pullback.

Fantom: Elevated market exercise?

The FTM Futures Open Curiosity chart revealed a notable enhance in open curiosity, which rose to $174.85 million on September 11.

This enhance in Open Curiosity corresponded with FTM’s worth transferring in direction of $0.50, reflecting elevated dealer participation and speculative exercise.

Supply: Coinglass

For months, Open Curiosity has fluctuated between $100 million and $200 million, indicating restricted buying and selling exercise.

The current rise in each worth and Open Curiosity might point out rising confidence in FTM’s future worth motion, however it additionally instructed the potential for larger volatility.

FTM’s Whole Liquidations chart confirmed that $141.51K of lengthy positions have been liquidated on September 11, in comparison with $10.28K of brief positions. Binance noticed nearly all of lengthy liquidations at $88.86K.

Supply: Coinglass

This wave of liquidations indicated that many merchants have been caught off guard by the current worth swings, particularly as the value approached $0.4864.

The liquidation information confirmed that lengthy merchants specifically have been overly optimistic concerning the continued rise within the FTM, resulting in liquidations when the value couldn’t transfer larger.

The continued uncertainty across the $0.50 resistance stage stored merchants cautious.

Elevated buying strain

A current one report by AMBCrypto indicated rising shopping for strain. The provision of FTM on commerce festivals has decreased, whereas the availability exterior the commerce festivals has elevated.

This development instructed that holders have been delisting their belongings, which was often an indication of long-term confidence within the belongings.

Learn Fantom’s [FTM] Value forecast 2024–2025

Moreover, whale exercise round FTM has elevated, as evidenced by a spike within the variety of giant transactions. This enhance in whale motion and forex outflows has seemingly contributed to FTM’s current bullish momentum.

Nevertheless, merchants stay cautious of a potential bull entice close to the present worth stage.