Fantom (FTM) Analysis: Is FTM going to continue its successful rally?

• Fantom’s going through a series of ups and downs for some time
• The current market price of the token is $0.69 shy of its annual high mark
• The token performed 21% better than last month’s performance

Fantom is ranked 32nd in the market with a share of 0.26%. Fantom’s return on investment has been astonishingly over 19238% since its launch. The token recently achieved its all-time high price of $3.48 around two weeks ago. However, the CMP is now down by 19.8% of its all-time high. The market cap is up by 7.15%. The trading volume saw a fall in its amount by 12.48% in the last 24 hours. Fantom’s pairing with BTC and ETH saw a significant rise of 4.58% and 1.98%, respectively. The volume to market cap ratio comes out to be 0.07788. 

Talking about the chart and the patterns, The sightings of trend reversals are not new to FTM but on the good side, the token is trading above the major Exponential Moving Average lines. All these lines now lie above the support levels, meaning the future price has the MA lines’ support and they won’t create resistance for the token in return. 

FTM may prove to be a good buy in the distant future

The other chart containing 4-hour time frame candlesticks shows that there is a stable bullish climb. Apart from achieving an all-time high price recently, the token can be seen stabilising itself even after small dips on the way. The MACD line spiked above multiple times before indicating a sudden reversal. There has been a lot of divergence between the line and histogram as well whenever the MACD line underwent extreme variations. But currently, the MACD line has its tip above the zero level and a signal level, which means that one may think of buying at a current price or may think of selling to book a small run for profit. The RSI level, however, indicates a selling period since the token may get into the extremely overbought zone again, and charts show that whenever the same has happened before, the token faced a dip in its value. So unless if you are looking for a quick buy and short-sell for profit, you can think of buying or holding FTM. 

Resistance is at $2.8914 and $3.0244, and support levels are at $2.5657 and $2.7286.

Conclusion- Fantom is currently rallying with his best price to date. It may seem like the token is helping its holders get profits in a short time, but the breakdowns in its record may prove to be hazardous. It has the potential to be a long-term investment, but it is still advisable to conduct your research before trading an asset. 

Resistance- $2.8914 and $3.0244

Support- $2.5657 and $2.7286