Rally

Bitcoin

Fantom

Fantom Price: On March 19th, the cryptocurrency market experienced a further decline, with Bitcoin, the preeminent digital currency, falling beneath the significant $65,000 threshold. This downward movement reverberated throughout the market, leading to extended losses among major altcoins including <a href="https://coingape.com/fantom-ftm-price-jumps-to-1-0-in-major-rally-analyst-expects-another-50-gains/">Fantom (FTM)</a>. However, the FTM price showcased a notable resilience above $0.8 and rebounded 13% to surpass the $1 barrier. Will this recovery be sustained amid market correction? 
Also Read: <a href="https://coingape.com/markets/bitcoin-price-why-btc-could-tumble-to-50000-pre-halving/">Bitcoin Price: Why BTC Could Tumble To $50,000 Pre-Halving?</a> 
<h2 id="b-bullish-pattern-leads-fantom-price-rally-beyond-1-b">Bullish Pattern Leads Fantom Price Rally Beyond $1</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/q/QynU4xRl.png" alt="BINANCE:FTMUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Fantom Price| Tradingview
 </figcaption>
</figure> 
FTM, the native cryptocurrency Fantom ecosystem, has been on a substantial upward trajectory since late January. Finding solid footing at the confluence of a $0.3 support level and the 200-day Exponential Moving Average, the FTM price has charted a notable 241% increase within the last two months, now trading at $1.04. 
<blockquote>
 Mirroring this price surge, the open interest in Fantom has seen a remarkable upswing, with Coinglass reporting a jump from $63.5 million to $267 million since the latter part of January. This whopping increase of about 320.47% signals a significant uplift in investor confidence and a burgeoning interest in the cryptocurrency.
</blockquote> 
<figure id="attachment_186854" aria-describedby="caption-attachment-186854" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-186854" src="https://coingape.com/wp-content/uploads/2024/03/image_2024-03-20_00-25-11.png" alt="FTM Futures Open Interest (USD)" width="1514" height="423" srcset="https://coingape.com/wp-content/uploads/2024/03/image_2024-03-20_00-25-11.png 1514w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-20_00-25-11-300x84.png 300w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-20_00-25-11-1224x342.png 1224w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-20_00-25-11-768x215.png 768w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-20_00-25-11-150x42.png 150w" sizes="(max-width: 1514px) 100vw, 1514px">
 <figcaption id="caption-attachment-186854" class="wp-caption-text">
 FTM Futures Open Interest| Coinglass
 </figcaption>
</figure> 
This recovery reveals the formation of a bullish reversal pattern known as a rounding bottom, indicative of a potential shift from downward to upward momentum. This pattern is characterized by a gradual and steady recovery of prices, forming what appears to be a bowl or a saucer on the chart, and is often a precursor to a continued bullish trend. 
With today’s long bullish candle, the <a href="https://coingape.com/price/fantom/">Fantom price</a> has pushed past the $1.04 resistance, potentially paving the way for an extended rally. If the momentum sustained by the rounding bottom pattern holds, we may see the coin price extend its revival to $1.25, with the possibility of reaching $1.68. 
Also Read: <a href="https://coingape.com/china-sfc-cautions-about-scam-amid-hong-kong-crypto-revival/">China SFC Cautions About Scam Amid Hong Kong’s Crypto Revival</a> 
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: In case of occasional pullbacks, the fast-moving 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> acts as initial support to keep the recovery trend intact.</li> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily RSI slope above 70% reflects an aggressive recovery sentiment among traders.</li> 
</ul> 
The post <a href="https://coingape.com/markets/fantom-price-pierces-1-open-interest-what-next/">Fantom Price Pierces $1 Barrier Amid Open Interest Boom, What Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Fantom Price Pierces $1 Barrier Amid Open Interest Boom, What Next?

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