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 unfavorable market sentiment across the asset, making it laborious for any attainable retracement.
Nonetheless, lately, some minor inexperienced candles point out a possible bullish development. It is because the value of Fantom skilled fast worth motion not too long ago because the bulls took again management and elevated shopping for stress.
Analyzing The Bullish Development of Fantom (FTM)
The current bullish momentum has triggered a major worth motion leading to a worth enhance 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 at present up by 5.09%. This information verify the bullish momentum current within the asset.
Moreover, the present important shopping for and promoting actions recommend a surge in market participation, seemingly resulting in heightened worth volatility.
The present market sentiment of Fantom (FTM) is Impartial, whereas the Worry & Greed Index is displaying 50, that means Impartial. This means that the market is secure, with no stress from bears or bulls.
The current improvement and partnerships with SUPA Basis additionally contribute to the bullish sentiment amongst traders 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 worth motion.
Fantom (FTM) Technical Evaluation
Fantom at present trades above the 200-Day Easy Transferring Common however beneath the 50-Day Easy Transferring Common. This may occasionally point out a blended or transitional part in Fantom’s worth motion.
The asset buying and selling beneath the 50-Day SMA suggests a short-term weak point or a corrective part within the worth of FTM. Merchants might use the 50-Day SMA as a resistance degree stopping the FTM from transferring larger.
The asset is buying and selling above the 200-Day Easy Transferring Common, indicating a possible long-term bullish worth 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 at present on the 44.53 area, which signifies impartial stress.
The Transferring Common Convergence Divergence (MACD) is barely beneath the sign line, indicating a low stress from the bears.
FTM trades between its assist degree of $0.3585 and resistance degree of $0.4498, respectively. With elevated bullish sentiment and shopping for stress, FTM would possibly hit the following important resistance degree of $0.5499.
Conversely, if the bears enhance promoting stress and the bulls fail to carry their positions, FTM would possibly change the development and drop sharply to the following assist degree of $0.3034.
Featured picture from Pixabay and chart from Tradingview.com