Fantom (FTM) Price Increases by 20%

The price of the Fantom token has increased by 20.28% in 24 hours. However, there are indications that the market may face rejection at this point, which could cause the price to fall to a nearby technical support level.

FTM Statistics:
Current FTM Price: $0.4616
Fantom Market Cap: $1,299,059,156
FTM Circulating Supply: 2,803,634,836
Fantom Total Supply: 3,175,000,000
FTM CoinMarketCap Rank: 53

Key Price Levels:
Resistance: $0.5000, $0.6000, $0.7000
Support: $0.4000, $0.3000, $0.2000

Fantom Trades Outside an Important Region

The price increase seen in the FTM daily chart has rapidly propelled the token’s price action through some important technical regions. The corresponding price candle to the previous session appeared as one of the largest in recent trading sessions. The current session remains green, indicating that bulls are still active.

However, the significant reduction in volatility suggests that price movement has come under the influence of headwinds, restricting further bullish progress. The Stochastic Relative Strength Index (Stochastic RSI) indicator lines are in the oversold region, merged, and are still moving slightly upward.

Fantom Downward Retracement Begins

It was noted earlier that  Fantom’s price seems to be facing a rejection. Meanwhile, in the FTM 4-hour market, it can be seen that the noted rejection has been displayed. However, this rejection appears minimal, as the token still trades at a significant distance above the middle limit of the Bollinger Bands, the Stochastic RSI has just delivered a sideways crossover in the overbought region of the market.

Technically, this suggests that the market may eye the support level at the $0.4600 mark. If the support at this level holds, traders may then use crypto signals to target the psychological resistance at the $0.5000 price level.

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