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The Fantom price recovered vertically this week after taking a rebound from the key Exponential moving average of 20-day and 50-day.
The Fantom price experienced a sharp rally in the current week and recovered vertically to reclaim back the previous highs. The overall crypto market is positive which is driving the other coins like crazy.
The market leaders Bitcoin (BTC) and Ethereum (ETH) experienced a sharp rally this week. Currently, Bitcoin and Ethereum seem to be stabilizing near the highs after a strong bull run this week. The BTC crypto seems to be hovering above the $60 K whereas ETH is trading close to $3500.
Moreover, the bull run in the market leaders have helped several other altcoins reverse their course and break out of their correction phase to reclaim their previous highs. Fantom has also joined the rally and is benefiting from the positive sentiments in the overall crypto market.
At the time of writing, the FTM price was trading close to $0.51 recording a positive intraday development of 5.13%. The FTM crypto is rising vertically and may reclaim the previous highs of $0.56 and $0.65 soon.
Fantom Crypto: Significant Rise in Volume in the Recent Sessions
Moreover, the FTM price rise is supported by a significant increase in volume in the recent sessions. As per the data obtained from the sources, the crypto has received $147.227 Million in volume in the recent sessions, with a surge of nearly 8% in the past 24 hours, indicating rising volume inflow.
Also, the volume to market capitalization is 10.17%, suggesting mild volatility in the crypto.
Do technical indicators imply volatility in the short term?
From a technical perspective, the FTM crypto was hovering higher than the 20, 50, and 200-day key exponential moving averages, suggesting a positive trend prevailing in the short and long term.
At press time, the RSI indicator was placed near 73.10 points, and that of the 14-day SMA line was placed near 61.05 points. Both the RSI and SMA lines were placed above the mean line and headed higher, indicating a positive sentiment at the moment.
Moreover, the RSI line has entered an overbought region, indicating a possible correcting pending in the crypto.
Fantom Price Prediction for March 2024
The most positive outlook of our analysts expects the FTM crypto to reach a high of $0.645 in the near term if the buyers surpass the hurdle of $0.562 which is the recent swing high.
On the other hand, the negative outlook of our analysts is that the price could break below the dynamic support of 20 and 50-day EMA, after which the FTM token price could drop to the lower demand zone of $0.4.
Fantom Price Prediction for 2024
The price forecast for 2024 shows that the Fantom crypto may advance to a high of $1.23, suggesting a potential of 138% on the higher side. The less optimistic analysts estimate a price target of $0.92 by the end of the year 2024.
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 or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
