Fantom (FTM) has been underperforming prior to now few months, shedding just about all of the earnings gained initially of the yr. Nevertheless, the bulls appear to be again in management, because the cryptocurrency value signifies elevated shopping for strain.
Associated Studying: Bitcoin Worth Breaks Above $30,000: Is The Bull Run Again On?
Fantom Worth Jumps By 15% In 24 Hours – Worth Overview
Since April 18, FTM has displayed downward value motion, contributing to the coin’s detrimental market sentiment. Nevertheless, the token’s value is bouncing and displaying indicators of a restoration by gaining greater than 15% within the final 24 hours.
In the meantime, Fantom has had a typically constructive week, displaying inexperienced on the weekly chart with a ten% value improve. This bullish momentum has slowed the coin’s descent to the yearly low of $0.1997.
Nevertheless, it’s value mentioning that the cryptocurrency continues to be a good distance from its 2023 peak at $0.6345. Fantom reached this value level way back to February 4 and has declined since, dropping greater than 53% of its worth.
In keeping with information from CoinGecko, FTM at present trades at $0.2955, with a 24-hour buying and selling quantity of over $121 million. The buying and selling quantity skilled a 90.5% improve within the final day, indicating a current surge in market exercise.
FTM Worth Approaches Vital Resistance Stage
Throughout its descent, FTM broke the $0.34 assist degree, falling to a low of $0.21 on June 10. Curiously, the FTM value shaped a night star candlestick on the each day chart, indicating a bullish reversal. And the worth has been on an upswing since then.
Along with the night star sample, technical indicators sign a bullish reversal.
As an example, the each day Relative Energy Index (RSI) reveals a bullish momentum forming, having moved out of the oversold zone. Nevertheless, it’s but to verify the pattern reversal, with its line barely crossing above 50.
An RSI studying above 50 typically signifies {that a} bullish run is perhaps on the horizon, whereas the bears have the benefit when the RSI studying is under 50.
In the meantime, the each day Transferring Common Convergence Divergence (MACD) line not too long ago crossed above the sign line, one other bullish indicator.
FTMUSD buying and selling at $0.302 | Supply: FTMUSD chart from TradingView
Fantom appears set to focus on the $0.34 value zone, which is now anticipated to function as resistance. Ought to the FTM value collect sufficient momentum and break this resistance degree, it’ll seemingly hit the $0.54 degree and maybe attain a brand new 2023 peak.
On the flip facet, if the resistance degree holds robust, the FTM bearish pattern might proceed. The token’s value might fall to a brand new yearly low beneath $0.1997 on this case.
It’s value noting that this evaluation is just not funding recommendation. Merchants are suggested to do their due diligence earlier than risking their funds.
Featured picture from iStock, chart from TradingView
