FTM Surges, Can it Break the Upper Resistance?

The value of FTM cryptocurrency (USD: FTM) is currently experiencing an upward trend and is trading near the resistance line of $0.4576. Buyers are determined to tackle obstacles and achieve new heights. Over the past month, FTM cryptocurrency has increased by more than 27.67%, showing bullishness as the price trades above major moving averages.

The price action suggests that FTM cryptocurrency has surpassed multiple highs, revealing strong momentum. At present, the Fantom cryptocurrency is trading at $0.4201 with a minor intraday loss of 0.52%, which is below the 200-day EMA, highlighting bearish sentiments on the chart. Additionally, the intraday trading volume is 3.474 Million, and the market capitalization of Fantom cryptocurrency stood at $1.178 Billion.

The oscillator suggests that the current price is overbought, and investors are optimistic about next week’s results. Over the last week, the price of FTM cryptocurrency has increased by approximately 13.84%, while over the past month, it rose by about 27.67%. In the long run, the cryptocurrency has performed well, with an increase of about 112.27% in the last three months and about 59.99% in the last six months. 

Although the crypto declined by about 110.47% year-to-date, its performance over the year has been impressive.

Technical Analysis of Fantom Crypto Price in 1-D Time Frame

Fantom (USD: FTM) has seen a steady rise in the price of the cryptocurrency over the past three months, gaining 27.19% and 13.41% over the past month. Currently, the FTM cryptocurrency is trading at a crucial resistance level and is trying to maintain this level even after the unexpected price surge.

If it maintains this level, the price of Fantom may continue to rise and reach the first and second targets of $0.4576 and $0.5500. However, if FTM price fails to maintain this level and falls, it may reach the nearest $0.3216 and $0.2853 support level. The Fantom (USD: FTM) cryptocurrency is currently trading above its 50-day and 200-day daily moving averages (DMA).

However, as buying volume increases, the price action will mark new highs. Therefore, the Fantom price is expected to move higher and remain strong on the daily chart.

The current RSI value is 65.77 points. The 14 SMA is above the center line at 64.84 points, indicating the bullish nature of the Fantom cryptocurrency. The MACD line at 0.0318 and the signal line at 0.0257 are above the zero line, signaling strength in the momentum of the FTM crypto price.

Summary

Fantom crypto price has performed well in the past three months, reaching new highs and surpassing multiple resistance levels. The technical analysis suggests that the price may continue to rise and break the resistance, as the indicators support the bullish trend and the price action reflects investor optimism.

Technical Levels

Support Levels: $0.3216 and $0.2853

Resistance Levels: $0.4576 and $0.5500

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.