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Despite a global market correction, Fantom (FTM) price has shown positive movement, indicating a rise in bullish sentiment. The recent price increase has also allowed the altcoin to reclaim the $0.44 level.
Fantom has gained 15% and is now trading at $0.456, making headlines in the cryptocurrency world on August 22. This sharp increase has made Fantom a standout performer, drawing significant interest from investors and analysts alike.
The recent price jump has been accompanied by a notable spike in trading volume, which has surged to around $199 million—more than double its previous level.
This rise in trading activity has lifted Phantom’s market capitalization to $1.29 billion, placing it 55nd among the largest cryptocurrencies by market value.
Fantom (FTM) Price Technical Analysis
From a technical perspective, FTM is trading above the upper Bollinger Band at $0.4520, signaling strong bullish momentum.
This position suggests that the price is breaking out of its usual volatility range, pointing to a potential continued upward trend.
The Relative Strength Index (RSI) stands at 61.39, indicating that while the asset is showing strong buying momentum, it’s not yet in overbought territory.
An RSI above 70 would typically suggest that the asset is overbought, but with the current RSI, there is still room for further price movement.
Analysts Fantom Predictions
Analysts are forecasting potential resistance in the $0.4800 – $0.5000 range. This level could act as a significant barrier to further gains. Despite the recent positive performance, there are warnings of possible short-term pullbacks.
Analysts, including @CryptoJobs3, have noted the potential formation of a double top pattern on the H4 timeframe, which could lead to consolidation and a temporary price decline to support levels around $0.3750 – $0.3500. Additionally, the 50% Fibonacci support at $0.330 might come into play if the price moves lower.
Adding to this, @UniverseCrypto7 has highlighted that FTM has successfully cleared a key resistance zone with strong volume but is still facing challenges in breaking through its trend line. If FTM price can overcome this resistance, there is a potential for the price to reach $1.20 in the coming months.
$Ftm
— Universe of Crypto (@UniverseCrypto7) August 22, 2024
Ftm has cleared its one resistance zone with some good volume but still struggling to clear its trend line in case of its successful breakout we will see it towards 1.20$ in coming Months ✍️🚀#Crypto #cryptocurrency #Ftm #Ftmusdt pic.twitter.com/eEQJcEFlqb
Looking ahead, Fantom’s strong performance and technical signals suggest a positive outlook. The current surge reflects a favorable market reaction, pushing the price above key resistance levels.
While short-term volatility and resistance challenges are expected, the overall FTM bullish sentiment indicates that FTM may continue its upward trajectory if it navigates these potential obstacles successfully.