Fantom soars above $0.45; Will FTM sustain the bullishness?

Fantom is a highly scalable layer one blockchain platform for decentralized applications, DeFi, and enterprise applications. At the time of writing this post, FTM was trading around $0.475 in the upper Bollinger Bands, which suggests a continuation of this uptrend to the resistance of $0.7.

In the last eight months, Fantom consolidated between a range of $0.44 and $0.16, but now it has crossed the resistance, so we can expect a high of around $0.7 in the short term. Click here to know when the FTM token will cross the $0.7 mark!

Fantom price action - daily

Most FTM technical indicators are bullish, which are also supported by positive price action, making it an ideal time to invest with a higher target for the next few months. If the price of FTM falls from this level, it will take support around the $0.4 level.

However, it is interesting to analyze the weekly price chart of Fantom because the last few weekly candles have broken the upper Bollinger Bands, which means it will correct in the next few months, and the support can be anywhere around $0.4.

Based on the price action, FTM has the potential to touch the target of $0.6, but technical indicators suggest it will not touch this level in the short term. Fantom price needs support around $0.40 before facing the next resistance around $0.6. 

Fantom price action - weekly

Overall, we do not think it is an ideal time to invest in Fantom for the long term, you can accumulate the coin at the current level, but we think you will get a lower price this year, so you can wait for the next few months to get a long-term momentum.  

The next few months are crucial for crypto markets because some of the cryptocurrencies will break the long-term resistance, so you can keep these cryptocurrencies on your watch list to invest at the right time. If you are an active trader, 2023 can be a year for you because the crypto markets will be volatile. Otherwise, you should invest in crypto biggies like Bitcoin and Ethereum for long-term gain.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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