In a thrilling turn of events, Fantom (FTM) has been on a bullish tear within the weekly timeframe, maintaining an impressive streak of higher highs while riding the coattails of a broader market rally. As market enthusiasts eagerly await the emergence of a bull market, it appears that Fantom may have more gains in store for the coming weeks.
The current value of Fantom (FTM) stands at $0.330271, with a substantial 24-hour trading volume of $468.63 million. Its market cap is $925.96 million, with a market dominance of 0.06%. Over the last day, the price of FTM has surged by 11.12% and shown a 22% gain over the last week.
Fantom’s price trajectory has investors buzzing with excitement as it anticipates a potential 35% surge in the near future. This bullish move comes after breaking free from the confines of the weekly trend and utilizing the $0.2390 support level as a springboard for its ascent. Bolstered by escalating buying pressure, this altcoin is poised to breach the $0.3839 resistance level, reaching for the supply zone, a staggering 35% above its current valuation.
The supply zone spans from $0.4449 to $0.5262, signifying a critical juncture where Fantom may encounter substantial selling pressure on the weekly timeframe. At this pivotal stage, the cryptocurrency could either experience a slowdown or a reversal as sellers congregate within the confines of the order block.
Moreover, to confirm the primary uptrend depicted in the weekly chart, Fantom’s price must achieve a breakthrough and subsequent close above the midline, standing at $0.4859 within the supply zone. This surge could extend further in a highly optimistic scenario, allowing FTM to target the $0.7836 resistance level, ultimately rendering the supply zone a bullish breaker.
Fantom Technical Analysis
Fantom’s gains could reach beyond the supplier’s congestion levels, venturing into the Fair Value Gap (FVG) bracket territory, stretching from $0.8694 to $1.0605. This FVG is of particular significance for FTM, representing a magnetic pull for its price, indicative of an imbalance that must be rectified.
Upon reaching this order block, the price may reverse or continue its ascent after fulfilling the existing orders. To achieve the latter, Fantom’s price must successfully break and close above the consequential encroachment midline of the FVG at $0.9632 within the weekly timeframe.
The Relative Strength Index (RSI) offers a promising sign by maintaining a position above the 50 threshold, indicative of robust price strength. Furthermore, the fact that it remains below the 70 level suggests ample room for further upward movement before concerns about an overbought asset become pertinent.
Adding to the optimistic outlook, the Awesome Oscillator underscores this bullish sentiment. It portrays a sustained series of green histogram bars, indicating the bulls’ dominance in the FTM market. These indicators serve to bolster the bullish case following the breakout.
Nevertheless, it is essential to remain vigilant of potential selling pressure from the supply zone and the $0.3839 supplier congesting level. In the event of a correction, FTM’s price may retreat below the weekly trendline. Should this occur, a break and close below the $0.2390 support level would nullify the bullish thesis, bringing the $0.1530 range low into focus.
However, FTM has emerged as a formidable contender within the cryptocurrency market, with the potential for substantial gains. As traders and enthusiasts eagerly watch the charts, the stage is set for Fantom to make a decisive move. Still, the outcome remains uncertain until it reaches critical inflection points in the coming weeks.
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