The cryptocurrency market witnessed a strong start to the week, with Bitcoin maintaining a position above $70,000 and a majority of altcoins reflecting a positive trend. Investor sentiment appeared to be recovering from last week’s downturn, and the market was hopeful for sustained capital inflows.
Investors Show Strong Appetite for FTM Coin
Investor interest in FTM Coin remains high, as evidenced by its robust Relative Strength Index (RSI) of 77, signaling widespread buying and a possible overbought state. Such levels typically precede a price correction, yet in a bullish climate with a high-risk appetite, the RSI can maintain its peak. A minor retreat in RSI has done little to dampen enthusiasm, and if it stays above 70 while Bitcoin holds its ground, FTM Coin could see a new surge.
In the investor landscape, there’s a noticeable growth among those who have engaged in FTM Coin for less than a month. This group’s holdings soared by 232 percent in 30 days, reflecting the sustained interest from newcomers. Amidst this influx of investment, FTM Coin’s price experienced significant volatility, with a sharp rise followed by a dip, as short-term profit taking came into play.
Technical Analysis Suggests Continued Uptrend
The technical analysis on the four-hour chart presents a bullish scenario for FTM Coin. The crossover of short-term Exponential Moving Averages (EMAs) above the longer-term ones supports the momentum, with continued price support above the 20 EMA reinforcing the uptrend narrative.
The potential for FTM Coin’s growth is rooted in its ability to breach key resistance levels. The initial target lies at $1.22, followed by a possible test of the $1.5 peak from two years ago, barring any large-scale sell-offs from medium-term investors, which could adjust the target to the $0.7 to $0.6 range.