- The winds of recovery have begun as the price surged 45% in 12 days. Calling bulls for a recovery storm.
- The crypto asset is moving below the 20, 50, 100 and 200 daily moving average.
- The FTM/BTC pair is at 0.00001311 BTC with a gain of 0.44% in it.
Fantom (FTM) is directed acyclic graph (DAG) smart contract platform providing decentralized finance services to developers using its own bespoke consensus algorithm. Fantom attempts to use a new scratch-built consensus mechanism to facilitate DeFi and related services on the basis of smart contracts
The FTM price after a long downtrend movement is now recovering slowly over the daily graph, this slow recovery made the price to recover 45% in 12 days. Still the recovery is not enough as the price is moving significantly low as compared to its all time high. The coin needs to attract some more buyers to make the recovery successful, if the bulls remain consistent their efforts will be visible on the chart soon. Analysts believe the price may go up if the situation continues and no bearish dominance comes to the market.
The current price for one FTM coin is trading at $0.27 with a gain of 2.34% in the last 24 hrs. The coin has a trading volume of 173 million with a loss of 3.69% in the 24 hrs trading session and a market cap of 695 million. The volume market cap ratio for FTM is 0.1759.
What do Technical Indicators Suggest?
The volume is currently moving below the average, and the coin needs to attract buyers in order to push the volume and support the recovering price.
The MACD indicator is indicating a bullish rally further with the signal getting stronger as the gap between the MACD and MACD signal line is increasing along with the green histograms in support. The relative strength index not indicating any directional change and moving neutrally from yesterday showing the equality between the buyers and sellers. The BB cloud is also moving neutrally, so the investors should for any directional wind.
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Conclusion
The FTM price after a long downtrend movement is now recovering slowly over the daily graph. The coin needs to attract some more buyers to make the recovery successful. Analysts believe the price may go up if the situation continues. The technical indicators appear to be of little help as only the MACD indicator is indicating a directional move, investors need to wait.
Technical levels
Resistance levels: $0.31 and $0.35
Support levels: $0.19 and $0.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/06/24/fantom-price-analysis-ftm-price-surged-45-in-12-days-still-needs-to-attract-buyers/