Fantom (FTM) has been on a bearish motion since April 19, 2023, leading to a lack of about 30%. The worth decline contributed to the unfavourable market sentiment across the asset, making it arduous for any doable retracement.
Nevertheless, today, some minor inexperienced candles point out a possible bullish development. It is because the worth of Fantom skilled speedy value motion not too long ago because the bulls took again management and elevated shopping for stress.
Analyzing The Bullish Pattern of Fantom (FTM)
The current bullish momentum has triggered a big value motion leading to a value improve within the basic FTM market. The worth of FTM has elevated by 5.09% within the final 24 hours 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 general market cap is presently up by 5.09%. This information verify the bullish momentum current within the asset.
Moreover, the present vital shopping for and promoting actions counsel a surge in market participation, probably resulting in heightened value volatility.
The present market sentiment of Fantom (FTM) is Impartial, whereas the Worry & Greed Index is exhibiting 50, which means Impartial. This means that the market is steady, with no stress from bears or bulls.
The current improvement and partnerships with SUPA Basis additionally contribute to the bullish sentiment amongst buyers and merchants.
As extra people and establishments acknowledge the potential and worth of the Fantom ecosystem, it’ll drive up shopping for stress and assist an upward value motion.
Fantom (FTM) Technical Evaluation
Fantom presently trades above the 200-Day Easy Shifting Common however beneath the 50-Day Easy Shifting Common. This will likely point out a blended or transitional part in Fantom’s value motion.
The asset buying and selling beneath the 50-Day SMA suggests a short-term weak point or a corrective part within the value of FTM. Merchants could use the 50-Day SMA as a resistance stage stopping the FTM from transferring increased.
The asset is buying and selling above the 200-Day Easy Shifting Common, indicating a possible long-term bullish value motion.
Typically, the asset buying and selling above the 200-Day SMA however beneath the 50-Day SMA suggests a part the place there’s a battle between consumers and sellers. The Relative Energy Index confirms the current market indecision as Fantom is presently on the 44.53 area, which signifies impartial stress.
The Shifting Common Convergence Divergence (MACD) is barely beneath the sign line, indicating a low stress from the bears.
FTM trades between its assist stage of $0.3585 and resistance stage of $0.4498, respectively. With elevated bullish sentiment and shopping for stress, FTM would possibly hit the subsequent vital resistance stage of $0.5499.
Conversely, if the bears improve promoting stress and the bulls fail to carry their positions, FTM would possibly change the development and drop sharply to the subsequent assist stage of $0.3034.
Featured picture from Pixabay and chart from Tradingview.com
