FTM Price Soars! Market Confidence is Sky High, but Pullback Risks Lurk!
FTM's recent moves are simply incredible! Last week, its price shot up like a rocket, swiftly breaking through the key psychological barrier of $1.20! This is a crazy explosion of bullish sentiment among traders! From a support level of $0.64, FTM has surged by 85%! This upward momentum is practically telling us: the market is hot, and investor sentiment is soaring!
Moreover, the technical analysis is incredibly strong! FTM's ability to maintain a position above $1.08 is undeniable proof of its bullish outlook! What's the next target? $1.68! Traders are wide-eyed, just waiting for a buy signal! With upward momentum and favorable market conditions, altcoins are set for a long-term upward trend! Of course, this also depends on market dynamics.
Taking a look at the trading data, FTM's large trading volume has skyrocketed by 500% in the past 24 hours! This is a carnival for institutional and high-net-worth investors! Their enthusiasm is certainly due to the exceptionally strong potential demand! Additionally, FTM's outflow from exchanges has significantly decreased, indicating that overall demand is increasing, with fewer tokens being transferred to exchanges for sale, making it more likely for prices to continue rising!
But don't celebrate too early! Overall liquidity data is a mixed bag. According to COINOTAG and Coinglass, there is a liquidation pool of $1.14 million at the level of $1.15! This means that FTM may encounter a brief pullback before trying to break through the next resistance area. However, historically, such minor corrections are usually to prepare the tokens for a better reception of long-term positive trends.
So, even though FTM is currently on a strong upward trend, traders need to remain vigilant, especially near key levels like $1.15. If FTM can continue its upward trajectory, it is likely to target the $1.68 resistance zone in the coming weeks! This is undeniable proof of the increasingly optimistic outlook for cryptocurrencies! Let's wait and see!
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