Fantom [FTM]: Unravelling the effects of 24-hour gains on its future trajectory

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

• Fantom reclaimed critical support levels over the past 24 hours and exhibited a bullish inclination
• FTM’s funding rates marked an improvement while they stood positive on most exchanges

Over the last few days, Fantom’s [FTM] retail investors have resurged their interest while the overall sentiment improved. The recently-elevated buying pressure helped the altcoin reclaim the $0.25-support.

Here’s AMBCrypto’s price prediction for Fantom [FTM] for 2023-24

This upswing aided the token in finding a close above the 20/50/200 EMA. Any reversal from its trendline resistance (white, dashed) can induce a near-term decline before a revival. 

At press time, FTM was trading at $0.274, up by 18.4% in the last 24 hours.

Can the trendline resistance continue to pose hurdles?

Source: TradingView, FTM/USDT

A string of higher highs and troughs in the last two weeks pushed FTM above the 20/50/200 EMA. This progression chalked out a north-looking trendline resistance on the four-hour timeframe.

After bagging a nearly 39% ROI in the last nine days, FTM tested the $0.271-ceiling. With a solid incline in trading volumes over the past 24 hours, the buyers shared their intentions to maintain their edge in the coming sessions.

The recent rally propelled the EMAs to look north after a golden cross with the 200 EMA. This crossover opened a path for a long-term bullish perspective.

A reversal from its immediate trendline resistance can propel a pulldown towards the $0.24-$0.25 range. An immediate or potential recovery above the trendline resistance could see a first major resistance level near the $0.28-zone. A further close above this level would reaffirm the buying signal.

However, the Relative Strength Index’s (RSI) reversal from overbought levels can hinder near-term growth. Its lower peaks over the last few days bearishly diverged with the price.

Improved funding rates

Source: Coinglass

Over the last few hours, FTM’s funding rate on most exchanges stood positive after marking a strong uptrend. The buyers should look for a potential setback in these rates to measure the chances of a price pulldown.

Nonetheless, the targets would remain the same as discussed. Finally, FTM shared a 75% 30-day correlation with the king coin. A close eye on Bitcoin’s movement would be imperative to make a profitable move.