- Fantom trades at $1.42, marking a rally of over 14%.
- The daily trading volume of FTM has surged by over 165%.
After a brief bearish correction, the crypto market has surged back, fueled by Bitcoin’s new all-time high of $106,488, igniting fresh gains across assets. Following BTC’s lead, Fantom (FTM) has emerged as a standout performer in the gainers list with a 14% rally over the past 24 hours.
Fantom has extended its notable 95% rally over the past 30 days. FTM has broken through the $1.30 and $1.41 resistance levels in the early hours, from a low of $1.20, and mounted to a high of $1.47. With the next crucial resistance approaching, a breakout may open the door to additional gains.
At press time, the FTM token is trading at $1.42, with its market cap reaching $3.96 billion. In the meantime, the daily trading volume of the asset stays at $770 million. Notably, the market has observed a liquidation of $2.07 million worth of Fantom during this interval, as per Coinglass.
On the other side, an analyst chart shows that Fantom has broken past the key resistance levels, reaching new highs after its breakout. With the $3.0053 target in sight, there’s potential for a rise of 102%. If the price sustains above this level, the next resistance might be at $5.7906, gaining a potential 90%.
Is More Upside Ahead for FTM?
Fantom’s four-hour price movement graph has exhibited the in-progress upside correction. It also signals a strong market interest. If the current uptrend continues to expand, the FTM price could bring in retests of $1.52 and $1.65. These levels would serve as a critical point to watch for further gains of $2.
However, if the uptrend reverses, it will form a death cross, and the asset’s price might face a series of crucial support levels. FTM’s initial support lies at $1.29. If the price slips further, the Fantom price could likely revisit its key support level at $1.11. A breach below this range will drive further downside pressure.
The altcoin’s trading window displays the short-term 9-day moving average above the long-term 21-day moving average. Besides, the daily relative strength index (RSI) is found at 67.10, inferring that Fantom is approaching the overbought zone.
Moreover, the Moving Average Convergence Divergence line of the FTM/USDT trading pair demonstrates that the MACD has crossed over the signal line. This crossover highlights Fantom’s positive momentum and is often considered a potential entry point to go long on the asset.
The technical indicator that confirms the money flow into the asset is the Chaikin Money Flow (CMF). This indicator is likely settled at 0.08, hinting at the positive money flow and implying the buying pressure in the market. Concurrently, the daily trading volume of FTM has soared by over 165%.
Disclaimer: The opinion expressed in the article is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.
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