- Fantom crypto price sustained above 200 day EMA and prepares for the golden crossover
- Fantom plans to launch version 2 of its fUSD stablecoin this year
- FTM technical indicators turning bullish and price action confirms the bullish momentum
Fantom crypto prices are trading with bearish cues and bear’s are trying to halt the further upside momentum.On the other hand, recently Andre Cronje, the Director of Fantom Foundation has announced Fantom plans to migrate its fUSD stablecoin to a more predictable and budget friendly system with the launch of fUSD version 2 which had triggered the bullish sentiment but bulls seems to be reluctant to buy at the higher levels.
Currently, The pair of FTM/USDT is trading at $0.5220 with an intraday loss of 2.72% and the 24-hour volume to market cap ratio stood at 0.4322
Will FTM prices consolidate or continue the rally ?
On a daily time frame, Fantom crypto prices are in uptrend and bulls are continuing the upward momentum by forming higher high swings. In the mid of January, FTM prices broke out of the narrow range consolidation zone with a giant bullish candle and reclaimed the 200 day EMA which had derived the positive sentiment and prices shot up 87% in a short span of time.
The FTM price is trading above both the important EMA’s shows that the positional trend had reversed in the favor of bulls and the buying volume bars surges to the highest level indicates that some genuine buyers have taken long positions and are expecting outperformance in the coming months. However, the prices seem to be over extended and might enter into consolidation before deciding the further direction. On the other hand if prices continued the momentum then the $0.7000 will act as an immediate hurdle for the bulls.
The technical indicators of the FTM are turning bullish but if the overall market sentiment turns negative then the FTM prices might cool off from the higher levels and may retest the support zone at $0.3144 to $0.4200. The MACD curve has generated a positive crossover which indicates prices likely to trade with the bullish bias and the RSI curve is stagnant at 73 denotes the overbought zone.
Summary
Fantom prices had shown a sharp recovery from the lows and have generated nominal returns for the short term traders. However, The current prices seem to be over extended and might enter into consolidation.
The technical analysis suggests that the positional trend is in the favor of bulls and dips towards the support zones will provide a buying opportunity for the investors. Therefore, traders should wait for the 50 day EMA retracement to build long positions by keeping $0.3000 as SL. On the other hand, if prices drop below $0.3000 then the bear’s cand drag it down towards the yearly lows.
Technical levels
Resistance levels : $0.7000 and $0.8000
Support levels : $0.4000 and $0.3000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/01/fantom-ftm-price-prediction-ftm-price-surged-168-on-the-monthly-basis-will-the-rally-continue/