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

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 Fantom (FTM). 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: Bitcoin Price: Why BTC Could Tumble To $50,000 Pre-Halving?

Bullish Pattern Leads Fantom Price Rally Beyond $1

Fantom Price| Tradingview

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.

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.

FTM Futures Open Interest| Coinglass

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 Fantom price 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: China SFC Cautions About Scam Amid Hong Kong’s Crypto Revival

Technical Indicator

• Exponential Moving Average: In case of occasional pullbacks, the fast-moving 20-day EMA acts as initial support to keep the recovery trend intact.
• Relative Strength Index: The daily RSI slope above 70% reflects an aggressive recovery sentiment among traders.

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