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- 1 Fantom price is currently trading at $0.3181 while witnessing a gain of 1.6% during the intraday session.
- 2 FTM Price crosses 20-day EMA positively.
- 3 The year-to-date return of FTM is 59.13%, while the three-month return is -29.96%.
Recently, the FTM price broke the major support level of $0.3270, which held the price in March and helped it gain bullish momentum. After the break, the price retested the support turned resistance of $0.3270 and declined further.
The cryptocurrency price formed support at $0.2390 and initiated a rally to recover from the downfall. The price is currently in an uptrend and is headed toward the $0.3270 level. During June, the FTM price faced several rejections from the $0.3270 level, but since the end of June, it regained bullish momentum to rise toward it.
If the price can break and close above $0.3270, the price may target the next resistance level of $0.39. On the other hand, if the price faces rejection, it might go down toward $0.2950.
Daily Active Addresses Soars On Fantom
The daily active addresses on Fantom have topped other blockchains in month over a monthly basis. Fantom addresses have upsurged 153.5% in the last three months. The daily dynamic addresses have reached 73,129. The daily transaction has increased by 11.4% to 263,590. The total value locked is also down by -47.7% to $201.4 million.
The increase in daily active addresses implies that an impressive number of users participated in sending and receiving tokens via each of these networks. The market capitalization of Fantom has increased by 4.36% to $889 million. The 24-hour trading volume is up 27.32%.
Will FTM Price Reach $0.39 This Week?
Fantom price has crossed above the 20-day EMA, indicating rising bullish momentum but trades below 50,100 and 200-day EMAs. Chaikin money flow score is 0.14, suggesting that there is strength in the market.
The relative strength index is 56.96, indicating that the price is in bullish momentum and may rise above $0.3270 in the upcoming days. The price will soon reach the upper band of Bollinger, which resides near $0.3270, which suggests that there is a chance of short-term pullback in the price.
Fantom’s long/short ratio is 1.03, with 50.79% longs and 49.21% shorts, indicating a slightly higher number of buying positions in the last 24 hours.
Conclusion
Fantom’s market structure and price action have turned bullish as the price started to rise after reaching the support level of $0.2390. The technical parameters favor the buying side, but risk-averse traders should wait for the price to rise above the $0.3270 level. The daily active addresses have spiked up in the last three months of Fantom, which is a good sign.
Technical levels
Major support: $0.295 and $0.239
Major resistance: $0.390 and $0.440
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They 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.
