- The FTM crypto price has increased 32.03% during the weekly trading session.
- Technical indicators summary suggests a bullish signal in the current phase.
- The trading volume of Fantom has increased 66.86% in the last 24-hour session.
Created as an alternative to Ethereum, Fantom (FTM) is a directed acyclic graph (DAG) smart contract platform. With the help of its own bespoke consensus algorithm, Fantom aims to solve transaction speed problems in smart contract platforms.
Conversely, the FTM crypto price has been doing great these days, although the price had a correction period in the previous month. The buyers are dominating the cryptocurrency. Will they continue?
Rally for the $1.22 Mark! Fantom Crypto Price Performance
These all started in February 2024, when the FTM crypto price made a significant shift in market sentiments. The investors and retailers approached the crypto price, which resulted in an upsurge of 31.62%. Followed by this intriguing situation, the remaining ones jumped in March 2024.
That resulted in a price hike of 115% to the $1.22 resistance level. Afterward, the initial profit bookings started, and the price entered a bullish correction phase. However, the subsequent bullish resurgence in Fantom price has occurred. The buyers are pushing the price hard toward their target in the current trading sessions.
Price Volatility & Social Dominance Analysis
The social dominance of the FTM crypto has faced consistent declines since mid-March 2024. That fading social buzz from social media platforms reflected an adverse remark on the price. It reflected high price volatility when the price faced heavy drops. In the current sessions, the social dominance is rising above 0.23%, along with the price volatility, reflecting the increasing interest of users.
Technical Analysis of the Fantom (FTM/USD) Crypto
The long-term outlook lies above the key exponential moving averages (EMAs) on the bullish side. FTM price has rebounded the 50-day EMA from below, indicating the bullish trend continuation.
FTM price has broken above the upper consolidation range of $0.78. The price surged by almost 40% to the current trading price of $0.89. The price is facing resistance from the $0.96 supply level. However, the current bearish strength seems weak, which could be a positive indication of the bullish movement. The current price reflects a bullish view according to the price action analysis.
Furthermore, the relative strength index (RSI) shows strong bullish momentum in the current phase. This reflects the increasing dominance of buyers in the current trading sessions. The RSI is upsloping at 63.98 above the SMA line.
Summary
The FTM crypto price has ended the bullish correction phase that started on March 22, 2024. The cryptocurrency has reflected an almost 70% bullish rally from the $0.57 demand zone. Per the price action analysis, the Fantom price reflects a bullish outlook in the current trading sessions.
Technical Levels
When writing, the immediate resistance level for FTM was $1.04, while the $0.57 level was the next support. If the price exceeds the upper resistance, a short-term rise in price can be seen. Similarly, if the price slips below the mentioned support, a pullback to lower levels can expected.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.