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- 1 FTM price struggles to break the sideways movement with a price rally.
- 2 Price rallies by more than 7% in the past few days.
- 3 The volume shows a rise in buyer interest.
The recent developments made to the Fantom ecosystem has caused the platform to lure investors, as they speculate growth. The lead developer of Fantom, Andre Cronje, announced in the roadmap 2023 for Fantom. The roadmap laid down several developments spanning over the year, which can induce bullish trends in the bigger time frame. FTM price witnessed a drop due to the market trend followed by consolidation which can invite the bulls in the longer term. The volume, on the contrary, shows declining users, as compared to the interaction recorded during the first quarter of 2023.
The Monoscope
The FTM price forms a consolidation channel after the price drop. The prices started falling after reaching the sell point near $0.5330 and marking a significant downtrend. The FTM price action was observed to be matching with the market movement. The current price action hints at a possibility of a bullish breakout in the near future. The EMA ribbon portrays a semi-bullish momentum as the projected breakout can hold a spot above it.
The trading volume suggests a steady increase in buyer interest, which can swell with rising prices. The current price action takes place in the initial level of Fib retracement, which is anticipated to reach to higher levels with the rally. Meanwhile, the OBV shows a neutral market, waiting for bulls to lift the market sentiment. If the projected rally reaches beyond the previous peak, it may form a solid support near $0.4500. It may also establish a solid bull trend, marking the end of crypto winter for FTM price.
The Microscope
The smaller time frame suggests a bullish trend in FTM price, as Super Trends shows an uptrend for the current movement. The CCI drops close to 100 range and suggests a contracting but positive difference between historical prices and FTM price at press time. The MACD undergoes a bullish divergence and records tall buyer bars in the positive zone. The RSI moves near the 60-range to mark an increased buyer interest due to the projection of price rally.
Conclusion
The Fantom ecosystem establishes a bullish outlook as it plans to make developments spanning over the year. The developments paint a picture of bulls marking their territory as they can create a higher demand zone with predicted rally. The holders can watchout the resistance near $0.4475 for the next breakout. The bullish momentum can be witnessed in the long term, due to ongoing recovery of the whole crypto market.
Technical levels
Support levels: $0.4000 and $0.3345
Resistance levels: $0.4475 and $0.4805
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
