- Fantom price analysis is strongly bullish today.
- FTM/USD is trading near the $3 mark.
- Support is strong at $2.70.
The Fantom price analysis shows the cryptocurrency is at an all-time high of $2.93, as bulls sustain their momentum after hitting the record high of $2.70 yesterday. Yesterday after observing the record high, speculations were for a correction, but FTM bulls proved aggressively strong and are taking the bar further higher as the price now nears the psychological mark of $3.
FTM/USD 1-day price chart: Fantom nears $3
The 1-day Fantom price analysis shows the bulls have taken the price near the $3 psychological mark and may hit the target. As the price function is quite steep and bulls have covered a good vertical range in a swift move. The FTM/USD pair is trading at $2.93 at the time of writing. The coin reports a handsome gain in value amounting to 14 percent over the last 24 hours and a glorious 33 percent gain over the course of the last seven days.
As the fantom price surged, the interest from traders also spiked, which took the trading volume up by more than 88 percent, increasing the market cap by 14 percent, which resulted in the market dominance of 0.29 percent for FTM.
The volatility is comparatively high, but the volatility indicator has taken an upwards breakout, as both ends of the Bollinger bands show upwards movement with the price trading above the upper end, and this upper limit represents support for FTM price. The Bollinger bands also give a hopeful sign for FTM/USD to remain in the higher price envelope in the coming days.
The relative strength index (RSI) is at the fence of the overbought region as it trades at index 70. The upwards curve of the RSI indicates a strong buying activity in the market from traders.
Fantom price analysis: Recent developments and further technical indications
The 4-hour Fantom price analysis shows a continuation of green candlesticks as the bulls are taking the bar higher with time. After hitting the record high yesterday, FTM corrected for eight hours, and then bulls started their march and discovered a new all-time high today.
As the price nears the upper limit of the Bollinger bands on the 4-hours chart, the upper limit shows resistance as some selling pressure might kick in. The RSI has also entered the overbought region on the 4-hour chart, and it has taken a horizontal turn, which indicates the bulls might get tired at any time, and the RSI may give a sell call.
Technical indicators for FTM/USD are strongly bullish as 16 indicators suggest buying options, including the moving averages, MACD, and the Momentum oscillators, and none favor the bearish side. However, 10 technical indicators stand neutral and don’t favor either side of the market.
Fantom price analysis: conclusion
The Fantom price analysis suggests bullish momentum is still in a healthier form, and more upside might be observed in the coming days. There are ample chances of price breakup above the psychological mark of $3 in the coming hours. On the other hand, if bulls show exhaustion at any time, still traders can expect the FTM to float above $2.6.
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