Fantom (FTM) Price Encounters Resistance, Will Bulls Prevail?

Fantom price encounters the upper trendline of a falling wedge pattern breakout, signals a bullish move. On-chain data shows that FTM's TVL and Open Interest are rising

Fantom (FTM) price is displaying a bullish technical setup on the daily chart, encountering the upper trendline of a falling wedge pattern and preparing for a breakout move. On-chain data shows that FTM’s Total Value Locked (TVL) and Open Interest are rising, suggesting growing activity and interest within the FTM ecosystem.

However, a daily candlestick close below $0.320 would invalidate the bullish thesis.

Fantom price encounters the upper trendline of a falling wedge pattern in the European trading session and trades lower below $0.380 on Friday. The price is preparing for a breakout move from the upper trendline of the falling wedge pattern, which is a bullish technical setup.

However, a daily candlestick close below $0.320 would invalidate the bullish thesis.

Data from CoinGlass shows that the futures' Open Interest in Fantom at exchanges is also increasing. The OI indicates the total number of outstanding derivative contracts that have not been settled and whether money flows into the contract are increasing or decreasing. Increasing OI represents new or additional money entering the market and new buying, which suggests a bullish trend.

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