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- The token is trading above the supply zone on the daily time frame.
- The pair of FTM/USDT is trading at the price level of $0.4451 with a decrease of -4.72% in the past 24 hours.
The Fantom (FTM) token has gained more than 140% in the past few weeks after bouncing off the demand zone with strong bullish momentum. The token has broken through and sustained its position above the resistance level.
FTM token on the daily chart
The bulls are in great strength, driving the token’s price to new highs. According to the daily chart, FTM token is currently trading at $0.4451, indicating a loss of -4.72% in the last 24 hours. The token has crossed and stayed above its key Moving Averages of 50 and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The coin is currently seeking a retracement or pullback to the last broken level.
Relative Strength Index: The asset’s RSI curve is currently trading at 71.50, indicating that it is in the overbought zone. The recent rise in the price of the token has increased the value of the RSI curve. However, the recent price decline has caused the RSI curve to cross below the 14 SMA. If the token is able to continue its uptrend after a pullback, the RSI curve will remain in the overbought zone.
Analyst view & Expectations
The token is in a strong uptrend, as shown by big bullish candles forming on the daily chart and rising the token’s price. Investors who want to buy now can do so as the token is in an uptrend, while those who want to trade safely can wait for the token to form a bullish candle and sustain above $0.4368. Intraday traders, on the other hand, have a good opportunity to go long and book profits based on their risk to reward ratio.
According to our current Fantom (FTM) price prediction, the value of Fantom (FTM) is expected to climb by 5.74% in the next few days, reaching $ 0.476155. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 52. (Neutral). Over the previous 30 days, Fantom had 22/30 (73%) green days and 27.20% price volatility. According to our Fantom forecast, now is a good time to buy Fantom.
Technical Levels
Major support: $0.4168
Major resistance: $0.5364
Conclusion
Bulls have defeated the bears and are raising the price of the token and forming a bullish chart pattern as per the price action. It remains to be seen if the bulls can continue the bullish momentum and hit new highs. Investors who want to buy now can do so by managing their risk to reward ratio.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
