FTM Price Entered $1 Territory: Could It Hold For Another Rally?

• Fantom price has risen by 60% in a week, showcasing the strength of the bulls.
• RSI triggered a bullish crossover with the RSI-based moving average.

Fantom (FTM) price has been bullish and surged by 60% in a week. The FTM price has reached the last swing high and has surpassed the psychological level of the $1 mark.

However, the price has formed a bearish candlestick in the $1 mark territory. That could not be too good from the buying perspective. Looking at the technical chart, the Fantom price has risen by taking support on an ascending trendline.

The token has continuously received buying pressure. That has led to a strong bullish rally. The price has been trading over the 200-day EMA and has managed to defend it till now.

Could FTM Price see Another Rally or Profit Booking?

The Fantom crypto was trading at $1.04 at press time. This has remained neutral over the past 24 hours. Its market value was $2.92 Billion, and the 24-hour trading volume was $689.44 Million, with a significant fall of 20%.

The technical chart displayed that the FTM price has extended to the previous swing-high territory. This territory could be crucial where a bull and bear clash can be seen.

Suppose the price holds the $1 mark and forms a bullish marubozu candlestick; buyers may dominate further. If the price departs from this territory and exceeds the $1.10 mark, buyers may eye the $2 mark.

Once the price loses the $1 mark, it could be a selling signal and may tempt sellers. Here, investors and traders might prefer to book. If the price starts trading below the $0.85 level, profit booking on a larger scale can be observed. Profit booking could lead to massive selling.

Turning to the technical indicators, the Fantom price has completely dominated vital moving averages. RSI has displayed a golden crossover with the RSI-based moving average. That indicated a bullish trend ahead.

Resilience and Investor Confidence in the Fantom Crypto

The historical fall in the FTM price couldn’t damage the total value locked (TVL) of $131.01 Million. With a market value of $320.62 Million, stablecoins comprise a significant portion of its ecosystem activity. They offer liquidity and usefulness in erratic times.

Investors are cautiously optimistic, with inflows of $3.17 Million and trading volume of $72.46 Million over the last 24 hours. The market capitalization of $2.99 Billion supported the current price of the Fantom crypto. That was $1.07.

The majority of Fantom’s tokens are already in circulation. Moreover, these metrics have demonstrated confidence in the company’s valuation.

Fantom Price Analysis Amid This Bull Run

The FTM price has demonstrated significant bullish momentum. The token has soared 60% in a week, breaking the psychological $1 barrier.

However, forming a bearish candlestick at this crucial level raises concerns about sustaining this upward trend. Traders should keep a close eye on the $1 mark.

If FTM can hold and establish a bullish candlestick, it may pave the way for further gains. It could target the $2 mark if the momentum continues.

Conversely, a drop below $1 could trigger selling pressure and profit booking, mainly if the price falls to $0.85. Overall, the current technical indicators suggest a dominant bullish trend.

Disclaimer

This article is for informational purposes only and provides no 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.