Fantom is popular for its Direct Acyclic Graph (DAG) smart contracts for decentralized finance applications. It aims to make smart contract transactions faster with its innovative technology.
When writing this post, the native coin of Fantom (FTM) is down more than 5% in the last 24 hours. It started a bullish rally from $0.18, and now it faces resistance around $0.65. Fantom has provided good returns in the last few months after a long consolidation, so we can expect a continuation of this rally for the next few months. The last three daily candlesticks are red, which suggests a short correction, and we think $0.44 will be a strong support around the baseline of the Bollinger Bands. Other technical indicators such as MACD and RSI suggest bullishness with green histograms. We think you should wait a few days to accumulate more FTM. Read our Fantom price prediction to know the right time of investment!
After seven weekly green candles, FTM suggests a strong long-term uptrend, but the candlesticks are breaking the upper Bollinger Bands, suggesting a consolidation for the next few weeks. Indeed, it can be a good time to invest in FTM for the next few years with a higher target.
If Fantom continues this momentum, the next resistance can be around $1. You can expect a volatile price action in 2023 because of inflation, recession, and many other global issues. Cryptocurrencies and stock market prices will be affected, and you must book the profit at the right time to avoid such volatility. Indeed, the current momentum will continue in the next few months, but you should not invest for fear of missing out. FTM has a lot of potentials to provide a huge return in the next few years, so you can consider FTM in your crypto portfolio.