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- Fantom was currently at $0.5914 with an increase of 15.00% during the intraday trading session.
- The 24-hour low of FTM was $0.5101 and the 24-hour high of FTM was $0.594.
- The current Fantom price is above 20, 50, 100, and 200-Days EMA.
The current price of Fantom was around $0.5914 with an increase of 15.00% during the intraday trading session. After the appearance of the evening star pattern over the daily trading chart which represents a strong trend reversal Fantom started declining fast. But after rapidly declining for six trading sessions the morning star candlestick pattern formed which also represents a strong trend reversal but in an upward direction. This suggests that buyers have taken over the market and pushed FTM to reach its primary resistance of $0.655. Before 2023 Fantom was in a consolidation phase. If bulls push themselves then they push FTM to reach its secondary resistance of $0.8044 and make its new 40-week high.
The volume of the coin has decreased by 2.40% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. This shows that sellers are trying their best to take the market back from buyers. The coin’s price exceeds the 20, 50, 100, and 200-day daily moving averages.
The technical analysis of Fantom
RSI is increasing in the overbought zone and showing signs of a positive crossover which indicate that buyers are coming and trying to take over the market. The current value of RSI is 60.21 which is close to the average RSI value of 60.81. The MACD and the signal line are intersecting to show signs of positive crossover which verifies the RSI indicator and shows the strength in the current uptrend.
FTM IN 2023
After the return of Andre Cronje, the FTM ecosystem has seen an elevation as he brought along a roadmap of developments in the project that focuses on gas monetization and several other features. These will amend the network per the new developments made in the smart contract networks. If the planned evolution seeks success, it may raise prices, breaking different resistance levels, aiming for levels beyond $1.5.
Conclusion
Fantom is currently in an uptrend. RSI and MACD both are showing signs of positive crossover over the daily trading chart which shows strength in the current uptrend. This is good news for long traders and a sign for short traders to close their trades in the market. The support near $0.185 can be trusted by the investors of FTM.
Technical Levels-
Resistance level- $0.655 and $0.8044
Support level- $0.4136 and 0.1850
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
