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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Fantom (FTM) Price Surge Hints At Bullish Trend, What’s Ahead?

Eli Dambel
Eli Dambel
2 years ago
3 mins read
Injective

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Fantom (FTM) has been on a bearish movement since April 19, 2023, resulting in a loss of about 30%. The price decline contributed to the negative market sentiment around the asset, making it hard for any possible retracement.

However, these days, some minor green candles indicate a potential bullish trend. This is because the price of Fantom experienced rapid price action recently as the bulls took back control and increased buying pressure.

Examining The Bullish Trend of Fantom (FTM)

The recent bullish momentum has triggered a significant price action resulting in a price increase in the general FTM market. The price of FTM has increased by 5.09% in the last 24 hours trading session, taking the token to a high of $0.3885.

Related Reading: Bitcoin Tweets Surpass Dogecoin Despite Meme Coin Craze

Also, with an increase of 57.26% in the 24-hour trading volume, the overall market cap is currently up by 5.09%. This data confirm the bullish momentum present in the asset.

Furthermore, the current significant buying and selling activities suggest a surge in market participation, likely leading to heightened price volatility.

The current market sentiment of Fantom (FTM) is Neutral, while the Fear & Greed Index is showing 50, meaning Neutral. This indicates that the market is stable, with no pressure from bears or bulls. 

The recent development and partnerships with SUPA Foundation also contribute to the bullish sentiment among investors and traders. 

As more individuals and institutions recognize the potential and value of the Fantom ecosystem, it’ll drive up buying pressure and support an upward price movement.

Fantom (FTM) Technical Analysis

Fantom currently trades above the 200-Day Simple Moving Average but below the 50-Day Simple Moving Average. This may indicate a mixed or transitional phase in Fantom’s price action.

The asset trading below the 50-Day SMA suggests a short-term weakness or a corrective phase in the price of FTM. Traders may use the 50-Day SMA as a resistance level preventing the FTM from moving higher.

The asset is trading above the 200-Day Simple Moving Average, indicating a potential long-term bullish price movement.

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In general, the asset trading above the 200-Day SMA but below the 50-Day SMA suggests a phase where there’s a conflict between buyers and sellers. The Relative Strength Index confirms the present market indecision as Fantom is currently at the 44.53 region, which signifies neutral pressure.

The Moving Average Convergence Divergence (MACD) is slightly below the signal line, indicating a low pressure from the bears.

FTM trades between its support level of $0.3585 and resistance level of $0.4498, respectively. With increased bullish sentiment and buying pressure, FTM might hit the next significant resistance level of $0.5499.

Fantom (FTM) Price Surges Hinting A Bullish Trend, What's Ahead?
FTM is enjoying gains on the daily candle l FTMUSDT on Tradingview.com

Conversely, if the bears increase selling pressure and the bulls fail to hold their positions, FTM might change the trend and drop sharply to the next support level of $0.3034.

Featured image from Pixabay and chart from Tradingview.com

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Eli Dambel
Eli Dambel

Eli Dambel

Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future.

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You can follow Eli on Twitter: @EliDambel

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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