Fantom’s [FTM] price has recently broken free from a downward trend, signaling a potential rally toward a significant short-term target of $1.47. With retail investors driving the current upswing and technical indicators pointing to more gains, FTM could see impressive growth in the coming days.

FTM Breaks Out of Consolidation Phase

In recent days, FTM has made a strong move by breaking out of a descending triangle formation on the 4-hour chart. This technical pattern, which often marks a period of consolidation within a narrow price range, has now shifted towards an upward trend. FTM’s breakout indicates the potential for a significant price rally, especially as it prepares to challenge a major resistance level that has previously hindered its upward movement.

At the time of writing, FTM was trading at $0.85, and if the upward momentum continues, the cryptocurrency could soar to $1.47, representing an impressive 73.28% potential increase. However, it’s important to note that the asset is facing strong resistance, and the rally might experience some setbacks before a steady climb.

Retail Investors Propel FTM’s Momentum

One key driver behind FTM’s recent gains is the increased participation of retail investors. In fact, a sharp 17.86% rise in the number of Active Addresses suggests growing retail interest in the asset. Active Addresses are wallet addresses that have conducted at least one transaction during a specific time frame, highlighting the increasing involvement of traders in the market.

As retail traders continue to drive the price up, the absence of significant whale activity indicates that large investors have not yet re-entered the market. Whale transactions, which can significantly influence price movement, have slowed down, with large trades dropping to just 35.86 million FTM, worth approximately $29.22 million. This reduction in whale involvement suggests that the rally is being primarily fueled by smaller traders.

Should institutional investors or large holders re-enter the market and increase their purchases, FTM could see an even stronger push toward higher levels. The influx of whale activity would likely generate additional upward pressure, further reinforcing the asset’s bullish outlook.

Technical Indicators Point to a Potential Golden Cross

The technical indicators for FTM suggest that the cryptocurrency is on the verge of a full-fledged rally. One of the most notable signals is the potential formation of a Golden Cross. This bullish pattern occurs when the MACD (Moving Average Convergence Divergence) blue line crosses above the orange Signal line, indicating a shift in momentum towards the bulls.

A Golden Cross is often followed by a significant price surge, making it a key signal for traders looking to capitalize on upward price movements. Supporting this view are other technical metrics, including a surging funding rate and a rising long-to-short ratio.

Strong Market Sentiment Underpins FTM’s Upswing

The market sentiment surrounding FTM continues to be bullish, with key indicators supporting the idea of further gains. The funding rate for FTM has surged to 0.0330%, a sign that buyers (bulls) are in control. This indicates that more market participants are betting on the price of FTM rising, which is typically a strong signal for continued upward momentum.

Additionally, the long-to-short ratio has risen above 1, reaching 1.0317. This means that there are more long positions than short positions in the market, further confirming the bullish sentiment and strengthening the case for a potential rally.

FTM’s Path to $1.47 and Beyond

FTM’s recent breakout from its consolidation phase, combined with strong technical indicators and rising retail interest, suggests that the cryptocurrency is poised for further growth. The $1.47 target appears to be within reach, and if the current momentum continues, FTM could even surpass this level in the coming weeks.

The key to FTM’s continued success will be the involvement of institutional investors and whale traders, who could help propel the asset toward new highs. With the right conditions in place, FTM could see a major rally, making it a cryptocurrency to watch closely in the near future.