FTM Technical Analysis: Despite Recent Bull, Fantom Fails to Reach $0.025

The FTM technical analysis displays a sideways uptrend after a bullish breakout with 200-day EMA far below the price line. Fantom (FTM) has delivered a tremendous growth of 29.5% over the last 14 days following a market crash due to the FTX controversy when FTM plunged to the low of $0.16. Since then the token has been in recovery mode. With a spike of 13.7%, the token’s market cap rose by 11.83% to $560.82 in the last 24 hours. The jump of 11.38% in the trading volume to $160.30 million complemented by the price rise, reflects substantial demand in the market.

Key Points

• The FTM price action shows sideways upward momentum after the recent bull cycle
• The price line moving above the 200-day EMA still shows bullish in the market
• The intraday trading volume in FTM is $160.30 million

Source: Tradingview

FTM Technical Analysis

After FTM plunged to the low of $0.16, the token has been at the forefront to recover from the recent crash. With a remarkable rise of 37.8%, the coin has recovered steadily in the last 7 days, with a high of touching $0.24. The daily chart shows that after a recent slash the token has again taken the path of bullish reversal while challenging the 200-day EMA. Although the recent bull has cooled down, the movement of the price above 61.80% on the Fibonacci retracement level shows positive signs. If FTM manages to prolong the recovery rally, every rally price can break above $0.25, whereas if the reversal rally fails the token can again plunge beyond $0.17. Sidelined traders can still make an option to book the profits if prices show some stability.

Technical Indicators

The RSI after diving from the overbought zone moves sideways along the halfway line showing the balance between demand and supply, diving down despite giving a bullish divergence. Bottom-out MACD and the signal line are choppy on the bullish histogram signaling another round of upswing. The technical indicators display a slowdown in the bullish momentum due to low buying pressure in the market despite MACD showing some relief.

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