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Bears gained the upper hand in the Fantom (FTM) market early in the day until the intraday low of $0.3949 provided support. After establishing support, the bulls gained control and drove the price of FTM to a high of $0.4679, representing a 14.52% advance from the intra-day low despite encountering resistance at the intra-day high of $0.4716.
If the bullish trend continues, the price may break the $0.4716 resistance level, and the next resistance levels may be around $0.4800 and $0.4900, while a negative reversal may see the price retest the $0.4200 support level.
Traders poured into the market expecting a long bull rise, triggering a 14.72% increase in market capitalization to $1,301,847,389, indicating strong investor confidence in the positive trend. The 24-hour trading volume declined by 20.18% to $320,310,023, indicating that investors are holding their positions and not trading often, which is a favourable sign for the market’s long-term stability.
Since the Keltner Channel bands on the FTMUSD 4-hour price chart are ascending, market volatility may rise soon, implying possible trading opportunities for traders trying to profit from market changes. The upper bar is at 0.4646, while the lower bar is at 0.3750, reflecting this bullish outlook.
The positive momentum in FTM may continue as price action builds overlapping green candlesticks and advances above the top bar, leading to a breakout.
This movement indicates that traders are now displaying a significant demand for FTM. The trend will continue if the price continues above the upper bar and buyers retain control.The Money Flow Index (MFI) reading of 54.41 and trending higher on the FTM price chart indicates that there is now more buying pressure than selling pressure for FTM, which might lead to more price gains in the immediate term.
With a stochastic RSI reading of 77.49 on the FTM price chart, the positive momentum in the market is strong, and additional price gain is probable in the near term. This stochastic RSI level indicates that buying pressure will likely persist, and traders should consider establishing long positions to profit from the impending rally.
Nevertheless, since it is approaching the “80” overbought level, traders should be wary of a potential trend reversal or price fall soon and consider placing stop-loss orders to mitigate risk.
The Rate of Change (ROC) value of 17.63 indicates that the FTM market is now enjoying significant upward momentum as buying pressure dominates. Yet, its southward movement suggests that bullishness is losing pace and that a reversal or consolidation is possible soon.
FTM shows bullish potential with strong investor confidence and positive momentum, but traders should be cautious of potential trend reversals and consider stop-loss orders.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss