FTM explodes, aiming for $ 3.8
- Key Support Level: $ 2.55
- Key resistance: $ 3.8
Fantom (FTM) has set a new all-time high every day for the past week. That bullish momentum is now accelerating.
Fantom has long been considered an undervalued token in the field of decentralized finance (DeFI). However, the cops are in the process of changing that. Fantom-based decentralized exchanges have seen steady trading volumes, which shows the tremendous potential of FTM.
After the bulls crossed the $ 2.55 resistance, they quickly turned it into support, pushing the price down to a new ATH at $ 3.4. The next resistance is at $ 3.8, the expanded Fib resistance level.
Daily FTM / USDT Chart | Source: TradingView
Trading Volume: The volume in this rally is lower than the previous one. That’s not ideal for the bulls, but the price continues to rise.
RSI: The RSI is above 70, which shows that the bulls are controlling the market.
MACD: The MACD is extremely bullish, with the MACD sloping up and its histogram generating higher momentum bars.
FTM / USDT 12-hour chart | Source: TradingView
Technical indicators and price movements favor a continuation of the upward trend in FTM. The next resistance is at $ 3.8. If the bulls fail to push price above this level, the FTM could see profit taking from short term traders.
However, if the bulls hold the $ 2.55 level on the next drop, the FTM is expected to consolidate between $ 2.55 and $ 3.8 for some time.
You can see the FTM prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Cryptopotato