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The price of the Fantom token has further increased by an impressive 32.17% in 24 hours. This surge has pushed the token’s price action through some important levels, suggesting that more upward movements may be seen. Technical indicators are also more bullish at this point, indicating that the bulls are strongly in control.
The outlook for the FTM market suggests that its upward momentum is quite strong. The previous session saw the market rise through the uppermost limit of the Bollinger Bands (BB). Although the last price candle on the chart is red, indicating a slight retracement, it still kept the market above the uppermost limit of the indicator.
The size of the last price candle suggests that bulls remain dominant in the market. The Stochastic Relative Strength Index (Stochastic RSI) indicator lines are trending sideways around the 100 level, indicating that upward pressure may continue.
FTM Price Movement Retains Strong Bullish Potential
Moving from the daily chart to a 4-hour Fantom chart, we see that price activity has maintained a strong bullish trend. The BB indicator on this 4-hour chart shows a steep upward slope and price action is significantly above the middle limit of the BB indicator. Additionally, the market appears to be safe from a strong downward rejection, as price action hasn’t reached the uppermost limit of the BB indicator.
However, the Stochastic RSI lines have quickly dropped due to the downward retracement seen in the previous session. Despite this, the ongoing session suggests that the market may have recovered and is poised to continue rising. Therefore, traders can use crypto signals targeting prices below the $0.5500 mark for short-term gains.
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