• Fantom Price Analysis: Bulls Eye $4 After a 47 percent Weekly Gain

  • Fantom (FTM) has been on a roll recently, increasing by nearly 50% in the last week. The bulls appear to have set their sights on $4.

    $2.55 is the key support level.

    The key resistance level is $3.8.

    For the past week, Fantom (FTM) has set a new all-time high every day. This bullish momentum is now picking up speed.

    Fantom has long been regarded as an undervalued token in the Decentralized Finance (DeFI) community. The bulls, on the other hand, are in the process of changing this. Fantom-based decentralized exchanges have seen consistent trading volume, implying FTM’s enormous potential.

    After breaking through the resistance at $2.55, the FTM price quickly turned it into support and rallied towards $3.4 at the time of writing. According to the Fibonacci extensions, the next resistance level is just under $4, at around $3.8. Resistance is to be expected in this area.

    Technical Indicators for FTM Price

    Trading Volume: Compared to previous rallies, this rally’s volume is relatively low, with a lower high in the last three daily candles. Although this is not ideal for the bulls, the price has continued to rise.

    RSI: The RSI is above 70, indicating that the market is overbought. This is not a sign of weakness, but of strength, especially when the RSI crosses into the indicator’s overbought zone. It’s expected to stay in this area for a while.

    MACD: The MACD indicator is extremely bullish, with expanding moving averages and a bullish histogram that is making higher highs. Look for signs of weakness on the 4-hour and lower timeframes to anticipate any potential pullbacks in this rally.

    Bias

    Bullish. Profit-taking will occur as we approach the $3.8 resistance, putting pressure on further price increases. If the bulls are to take FTM above $4, trading volume must increase.

    Fantom Price Prediction in the Short Term

    Given that FTM is currently on a tear, further gains appear to be the most likely outcome. The coin may not face significant resistance until it reaches $4. As a result, as FTM approaches the first resistance level of $3.8, it’s critical to keep a close eye on the price action and lower time frames. As the price rises, the bulls must demonstrate their strength. Otherwise, the bears may seize the opportunity and push FTM into a correction following such a rally.

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