The confluence between Point of Control and inefficiency meant bulls had the upper handFrom 28 November to 2 December, Fantom rallied from $0.185 to $0.255. This represented gains of around 37%. In doing so, FTM left behind an inefficiency on the 12-hour chart. Highlighted in white, this FVG has already been visited, and the price climbed higher swiftly.
On lower timeframes, the $0.238-$0.242 has been an important zone. A retest of the same in search of liquidity can offer traders with a good risk-to-reward buying opportunity. Any buyers in the vicinity of $0.24 can look to take profit at the Value Area High at $0.257 and the $0.289 resistance levels.During FTM’s quick rally late in November, the Open Interest saw a huge move upward. Just before this rally, it had been flat near the $23 million mark, but it surged to almost $72 million just a few days thereafter. This showed a strong bullish conviction behind the rally.
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