Fantom (FTM) has been on a bearish movement since April 19, 2023, resulting in a loss of about 30%. The price decline contributed to the negative market sentiment around the asset, making it hard for any possible retracement.
However, these days, some minor green candles indicate a potential bullish trend. This is because the price of Fantom experienced rapid price action recently as the bulls took back control and increased buying pressure.
Examining The Bullish Trend of Fantom (FTM)
The recent bullish momentum has triggered a significant price action resulting in a price increase in the general FTM market. The price of FTM has increased by 5.09% in the last 24 hours trading session, taking the token to a high of $0.3885.
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Also, with an increase of 57.26% in the 24-hour trading volume, the overall market cap is currently up by 5.09%. This data confirm the bullish momentum present in the asset.
Furthermore, the current significant buying and selling activities suggest a surge in market participation, likely leading to heightened price volatility.
The current market sentiment of Fantom (FTM) is Neutral, while the Fear & Greed Index is showing 50, meaning Neutral. This indicates that the market is stable, with no pressure from bears or bulls.
The recent development and partnerships with SUPA Foundation also contribute to the bullish sentiment among investors and traders.
As more individuals and institutions recognize the potential and value of the Fantom ecosystem, it’ll drive up buying pressure and support an upward price movement.
Fantom (FTM) Technical Analysis
Fantom currently trades above the 200-Day Simple Moving Average but below the 50-Day Simple Moving Average. This may indicate a mixed or transitional phase in Fantom’s price action.
The asset trading below the 50-Day SMA suggests a short-term weakness or a corrective phase in the price of FTM. Traders may use the 50-Day SMA as a resistance level preventing the FTM from moving higher.
The asset is trading above the 200-Day Simple Moving Average, indicating a potential long-term bullish price movement.
In general, the asset trading above the 200-Day SMA but below the 50-Day SMA suggests a phase where there’s a conflict between buyers and sellers. The Relative Strength Index confirms the present market indecision as Fantom is currently at the 44.53 region, which signifies neutral pressure.
The Moving Average Convergence Divergence (MACD) is slightly below the signal line, indicating a low pressure from the bears.
FTM trades between its support level of $0.3585 and resistance level of $0.4498, respectively. With increased bullish sentiment and buying pressure, FTM might hit the next significant resistance level of $0.5499.
Conversely, if the bears increase selling pressure and the bulls fail to hold their positions, FTM might change the trend and drop sharply to the next support level of $0.3034.
Featured image from Pixabay and chart from Tradingview.com
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