- 1
Fantom price recovered approximately 50% from the recent swing low at $0.3041. - 2
FTM price is struggling to sustain above the 50 and 200 day EMA. - 3
Fantom crypto is in the $0.3000 demand zone forming a bullish reversal pattern.
Fantom price recovered almost 30% from the recent swing low at $0.3000 and showed signs of the bullish trend reversal. However, the confirmation of the trend reversal will come only when prices sustain above $0.500 level. FTM price witnessed a huge spike in the buying volume.
Fantom price is currently trading at $0.4050 with intraday gains of 4.01% and 24 hour volume to market cap ratio at 0.3538. The pair of FTM/BTC is trading at $0.00001634 with an intraday gain of $1.87. At the beginning of January, Fantom price started rising upward, forming higher high candles. It has managed to push the price above the 200 day EMA and turned the positional trend in the upward direction.
FTM price began the upside momentum and rallied almost 120% in one month. However, in the beginning of February, the rally halted at $0.6565 (supply zone) and the price faced minor profit booking from the higher levels. In mid February, FTM price bounced back by taking support at the 50 day EMA and again attempted to break out of $0.6000, but got rejected. Therefore, $0.6000 and $0.6565 might act as strong resistance zones in the coming weeks.
Will Fantom Price Retest Previous Highs?
Fantom price displayed a golden EMA crossover and is still intact which indicates that the positional trend is in bullish grip. However, the FTM price will gain momentum only above the $0.5000 level. Till then, prices are expected to consolidate in the range between $0.3000 and $0.5000. Moreover, the probability of reaching $1.00 will substantially increase when bulls are able to break out of the $0.6565 hurdle level. Presently, the overall market sentiment is bullish and if BTC begins the next phase of rally, then FTM may also follow the same path. On the other hand, if FTM price drops below the $0.3000 level, then the bears may try to drag the prices down toward the yearly lows.
Technical indicators are turning in the favor of bulls and the price action is also mildly bullish. The MACD had generated a fresh positive crossover indicating prices are likely to trade with bullish bias. RSI around 46 indicating near-equal presence of buyers and sellers.
Conclusion
Fantom price had shown a sharp bounce form the demand zone and the up-move looks sustainable. However, reliability of the up-move also depends on how the overall market will react in the coming days. Technical analysis suggests FTM price is returning back on the bullish track and the probability of reaching $1.00 will increase if prices trade above $0.6565.
Technical levels
Resistance levels : $0.6000 and $0.6565
Support levels : $0.3000 and $0.2000
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/2023/03/16/fantom-price-ftm-price-may-reach-1-mark-in-the-next-phase-of-the-rally/