Fantom Records Tremendous Spike; Will FTM Pump or Dump?
Fantom finds some turbulence in buying sentiment as subsequent rallies have incited holders to book profits. Price trends ended in positive gains for the past two days. Fantom witnessed a decent gain even on July 20, but the marginal gains were wiped off as profit booking sentiment overpowered the token. Currently trading at a negative rate, a bounce back in the positive axis would protect the positive buying sentiment.
Fantom ranks at #57 with less than $850 million in market capitalization, although 80% of its total supply has entered circulation. Compared to its all-time high value of $3.48 in October 2021, Fantom prices are in a 90% decline. July has been rewarding with a combined gain of 31% based on its last trading value of $0.3344.
Fantom token’s price action and double-digit buying rallies have turned the tables for its near-term outlook. This token is now getting full traction from buyers, witnessed by technical indicators, but it might face a trend reversal. So, to know where will FTM prices go, read our FTM price prediction to know!
Considering the trend breakout of July 18 as the critical element in the bullish sentiment we are witnessing on FTM token price charts, the rise in transaction volumes is more surprising. The price action-based resistance has jumped to $0.35 and $0.4413, which could force some price consolidation.
On a technical aspect, RSI has almost reached the overbought zones, which is enough to indicate the changing dynamics of buying to selling ratio. The early onset of overbought zones may force holders to book profits, but a dip in RSI could also lift the buying sentiment. The MACD indicator has already marked a bounce with a widening gap enough to showcase the continual current rally. Strong support is noted near the $0.186 mark, which can now rise towards the $0.30 level.
On long-term weekly charts, the price momentum is showing a drastic shift with RSI making a U-turn and the MACD indicator set to declare the beginning of a positive swing. The sudden change in its long run of bearish sentiment is a signal to all the buyers and enthusiasts to re-enter their holding positions.
At the same time, it is a huge breakout for the patient crypto holders have been displaying in the last seven months. Despite March 2022 inciting some positive stance, the overall negativity in the crypto-market forced a profit booking. The present scenario would be much more favorable once FTM reaches the $0.45 level and moves towards its first psychological resistance level of $1, which sits in sync with the April 2021 resistance levels.