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Injective
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Bittensor
- The FTM coin price forms an ascending channel from the $0.3065 demand level.
- Bears are maintaining resistance at the $4418 level.
Fantom (FTM) is a decentralized directed acyclic graph (DAG) smart contract platform. The platform uses its bespoke consensus algorithm that provides developers with decentralized finance (DeFi) services. The investors can enjoy higher capacity, security, and two-second transactions through this proof-of-stake (PoS) algorithm-based platform.
FTM Coin Price Returns Reached 99% in the Last Six Month
Despite being negative for one year, the FTM coin price overcame with a return of 99% during the six-month trading session. Last month’s profit from the coin increased by 21.47%, which became positive news for crypto investors.
Regarding the technicals, the FTM coin price started an upward move in October 2023. The price surged more than 120% from the $0.1926 demand level. It gave a breakout from the $0.3410 resistance level.
It resulted in a change of character, which intrigued many crypto buyers. Afterward, the buyers took long positions on the $0.3065, leading the FTM coin price toward the $0.5696 resistance. The price increased nearly 100% during this rally.
Recently, the FTM coin price has been getting positive reactions from the $0.3065 support level, leading to the formation of an ascending channel. The current market capitalization of the FTM coin ranked 65th among 8828 active cryptocurrencies.
Technical Analysis of the FTM Coin Price
The 50-day and the 200-day EMAs had a bullish crossover at the $0.2663 level, resulting in a hike of almost 100% in the FTM coin price. Recently, the price got a positive reaction 200-day EMA, leading the current price to an uptrend.
According to the price action, the FTM price has experienced a fall of over 40% from the $0.5696 resistance level. The price fell to the $0.3065 decisional demand level and got a positive reaction. Subsequently, it started forming an ascending channel pattern.
The current pattern is in progress, but the price didn’t give any breakout/breakdown. However, the price faces resistance from the $0.4418 level, reflecting the bearish presence. However, according to the directions, the price may reach $0.5202 soon.
Furthermore, the relative strength index (RSI) shows an internal bearish divergence in the momentum. That indicates the selling pressure of the bears in the current session. The RSI is currently at 51.23 at the 50-mark middle band.
Conclusion
The FTM coin price is performing in an uptrend. On the other hand, the technical indicators also suggest buy signals, which reflect the positive attitudes of the crypto traders. The price is moving in an uptrend by forming an ascending channel pattern. It may soon reach the $0.5202 resistance level if the price continues in that pattern.
Technical Levels
- Resistance Levels: $0.4418 and $0.5696
- Support Levels: $0.3065 and $0.1926
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.
