Fantom (FTM) Sees 13% Gains as Crypto Market Turns Positive
- Fantom (FTM) has risen over 13.4% in the past 24 hours, moving from $0.4389 to $0.4963.
- Still, FTM is trading below a key resistance level at $0.55, which has been significant since early 2024.
As Bitcoin (BTC) climbs to the $58,000 mark, the positive sentiment in the crypto market is boosting other cryptocurrencies, including Fantom (FTM). In the last 24 hours, FTM has surged by over 13.4%, climbing from a low of $0.4389 to a high of $0.4963 and tops the gainers list.
Despite this significant increase, FTM is still trading below a crucial resistance level at $0.55. This horizontal resistance has been significant since early 2024. At the time of writing, Fantom traded at $0.4855, the level seen on August 26. Additionally, the daily trading volume of FTM soared over 45% to $188 million.
FTM Technical Indicators Point to Potential Breakout
Looking at the weekly chart, FTM is up more than 17%, and its monthly gains are around 40%. According to the technical indicator, the price currently stands above its simple moving average (SMA), indicating a positive trend.
Fantom (FTM) Price Chart (Source: TradingView)
Additionally, the Relative Strength Index (RSI) is nearing the overbought zone at 77, while the moving average convergence divergence (MACD) shows a bullish crossover between the 12-day and 26-day EMAs.
These indicators suggest that a breakout above $0.55 could confirm a sustained upward trend, potentially pushing FTM towards the $1 mark. Such a move would likely trigger further rallies.
However, if FTM were to face resistance and not break through the $0.55 level, it could test the $0.40 support area once again. A rebound from this level, creating a higher low, would indicate strength in the market.
The outcome of this resistance test will be crucial in determining the future direction of FTMs price. For a detailed long-term forecast, check out the full Fantom (FTM) Price Prediction.
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Read more: https://thenewscrypto.com/fantom-ftm-sees-13-gains-as-crypto-market-turns-positive/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
