Fantom (FTM) has been in a bearish motion since April 19, 2023, leading to a lack of round 30%. The value decline contributed to the damaging market sentiment surrounding the asset, making any retracement troublesome.
Nonetheless, nowadays some minor inexperienced candles point out a possible bullish pattern. It’s because the value of Fantom skilled speedy worth motion lately because the bulls regained management and elevated shopping for strain.
Analyzing The Bullish Development of Fantom (FTM)
The latest bullish momentum has triggered vital worth motion leading to a worth improve within the total FTM market. The value of FTM has elevated by 5.09% within the final 24-hour buying and selling session, taking the token to a excessive of $0.3885.
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Additionally, with a rise of 57.26% within the 24-hour buying and selling quantity, the overall market capitalization is at present up by 5.09%. This information confirms the bullish momentum discovered within the asset.
Moreover, immediately’s vital shopping for and promoting actions counsel a rise in market participation, which is prone to result in elevated worth volatility.
The present market sentiment of Fantom (FTM) is impartial, whereas Worry and Greed Index reveals 50, which suggests impartial. This means that the market is secure, with out strain from bears or bulls.
The most recent developments and partnership with the SUPA Basis additionally contribute to bullish sentiment amongst buyers and merchants.
As extra people and establishments acknowledge the potential and worth of the Fantom ecosystem, it can improve shopping for strain and assist an upward worth motion.
Phantom (FTM) technical evaluation
Fantom is at present buying and selling above the 200 day Easy transferring common however under the 50-day easy transferring common. This may occasionally point out a blended or transitional part in Fantom’s worth motion.
The asset buying and selling under the 50-day SMA suggests a short-term weak spot or a corrective part within the worth of FTM. Merchants can use the 50-day SMA as a resistance degree that stops the FTM from transferring larger.
The asset is buying and selling above its 200-day easy transferring common, indicating a possible long-term bullish worth motion.
Typically, the asset buying and selling above the 200-day SMA however under the 50-day SMA suggests a part the place there’s a battle between patrons and sellers. The Relative power index confirming the present market willpower as Fantom is at present on the 44.53 area, signifying impartial strain.
The Transferring common convergence divergence (MACD) is barely under the sign line, indicating low strain from the bears.
FTM trades between the assist degree of $0.3585 and the resistance degree of $0.4498 respectively. With elevated bullish sentiment and shopping for strain, FTM might hit the subsequent vital resistance degree at $0.5499.
Conversely, if the bears improve promoting strain and the bulls fail to carry their positions, FTM might reverse the pattern and fall sharply to the subsequent assist degree of $0.3034.
Featured picture from Pixabay and chart from Tradingview.com
