Fantom bulls eye yearly high as BTC rebounds
Fantom price extends its rally by 8% until Thursday, after gaining 43% in the previous week. FTM’s daily trading volume reaches 1.34 billion on Tuesday, the highest level since April 2022. Fantom’s Open Interest is also rising, suggesting new money is entering the market. Fantom (FTM) continued its rally and rallied 8% until Thursday, trading above $1.09 after 43% gains in the previous week. Like FTM, most altcoins have continued the rally as Bitcoin (BTC) recovers from its recent pullback this week. On-chain data further support the bullish outlook as FTM’s daily trading volume and Open Interest (OI) reach record levels, indicating the continuation of the rally. Fantom price is poised for a rally, targeting the yearly high of $1.22 Fantom price continues its rally this week, gaining over 8% until Thursday. If the upward momentum continues, FTM could extend the rally to retest its yearly high of $1.22, set in March. A successful close above the yearly high could extend additional gains toward the $1.45 weekly resistance level. The Relative Strength Index (RSI) on the weekly chart reads 67, well above its neutral value of 50 and points upwards, suggesting bullish momentum is gaining traction. FTM/USDT weekly chart Another aspect bolstering the platform’s bullish outlook is a recent surge in traders’ interest and liquidity in the Fantom chain. Santiment’s data shows that FTM Chain’s daily trading volume rose from $387.6 million on November 22 to $1.34 billion on Tuesday, the highest since April 2022. FTM daily trading volume chart. Source: Santiment Fantom’s Open Interest (OI) is also supporting the bullish outlook. Coinglass’s data shows that the futures’ OI in FTM at exchanges almost doubled from $213.51 million on November 22 to $405.14 million on Wednesday, the highest level since mid-March. An increasing OI represents new or additional money entering the market and new buying, which suggests a rally ahead in the Fantom price. FTM Open Interest chart. Source: Coinglass Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.