- Fantom price analysis shows FTM bulls rally extremely high to $1.60.
- The breakout of 30th August 2021 proved way too enforcing.
- Traders may start booking profits.
Fantom price analysis is showing a whopping price increase. The FTM/USD pair is trading between $1.54-$1.74 today and is at $1.60 at the time of writing. During the last 24 hours, Ftm/USD pair price increased by 28 percent, proving an auspicious day for intraday traders.
The price of FTM has surged around 102 percent during the last week alone, proving its nicknamed rightly as Ethereum killer. Most of the altcoins were on the rise during the week, but FTM is the top performer, making it the 40th largest cryptocurrency.
The Korean-based Fantom is a decentralized and open-source blockchain for decentralized apps, and digital assets and recent collaborations seem to be the trigger behind the current price surge. The incredible increase in price came after FTM bypassed the psychological mark of $0.58 last week.
FTM/USD 1-day price chart: FTM bullish march to unlock new gains
The 24-hour Fantom price analysis chart shows a massive increment in price when FTM went from $1.39 to $1.6, gaining 29 percent of value in one day. The strong bullish momentum is achieving new heights as more and more buyers are coming in for investment. The demand for crypto is increasing since mid of July 2021, and since then, FTM has been gaining value.
Despite the high volatility, the price for FTM/USD pair is going up every day. As seen in the chart, the Bollinger bands are as follows; the upper band is at the $1.42 mark, and the lower band is at the $0.10 mark. The Bollinger bands average is at the $0.75 mark, and the moving average (MA) is at the $1.05 mark. Both the averages are below the price marking a bullish trend. While the relative strength index (RSI) is exceptionally high at a score of 88.71, way above the overbought limit, indicating investors’ trust in the FTM asset.
Fantom price analysis: Intraday traders to book profits while FTM retraces
The 4-hour Fantom price analysis indicates the fastest Bullish rally of FTM is on the move, but it looks like FTM is retracing for a short period of time, and intraday traders can book profits during this time. The overall bullish momentum seems strong enough to carry on the price movement.
The last few hours show traces of bearish activity as traders book profits for their investments, but this phase may not continue for long as investor bulls seem keener in investing in FTM.
The volatility is slowly flattening, and the Bollinger bands average is below price level at the $1.26 mark, whereas the moving average is at the $1.43 mark below the price level. The RSI has dipped down towards the normal range but is still high at a score of 71.
Fantom price analysis: Conclusion
The above 1-day and 4-hours Fantom price analysis proves that Bullish momentum will be in the lead in the future for FTM. Bulls are defining the price trend for more than a month, and the FTM bulls will soon overcome the bearish activity of current hours. However, traders can book profits during the time. The future seems promising for the Korean-based Fantom.
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