Fantom Price Is Afraid to Break the Bullish Trend After Gaining 160%: This Is Where It Could Go
Fantom Price is Fearful of Losing the Bullish Track After 160% Gains: Here’s Where it May Reach originally appeared on Coinpedia Fintech News.
While the price of Bitcoin continues to hover at a certain level, the cryptocurrency markets are consolidating. The coin is currently aiming for a positive close above $65,000 after stabilizing the levels above $64,000, which would exacerbate the markets as a whole. Furthermore, Fantom is one of the altcoins that have outperformed the popular cryptocurrency with a significant price shift. Since the beginning of the month, the price of FTM has been reaching new yearly highs, and it currently seems that the token month, and it seems that the token has now maybe hit the regional peaks.
Does it imply that there may be a negative drop in the FTM price?
The support is gradually turning into the resistance following the current price action, meeting the resistance level inside a rising wedge. Resistance was reached by the price but was not broken, indicating that there are a lot of sell orders at these levels. As a result, it is now thought that the price will go through a corrective phase that might yield the biggest gains.
The price appears to be moving in a bullish direction on the above chart, but the rising wedge is regarded as negative. Consequently, a retreat in the FTM price is anticipated, which might push the levels down to the wedge’s bottom support at $0.52.
It also happens to be a critical support level. Additionally, the RSI has ranged to overbought levels, supporting the bearish assertion.
Bulls are anticipated to join the market with a massive buying volume once the Fantom price reaches lows of $0.5. This can set off a robust recovery that brings the levels back into the positive range. If the bull is unable to do so, the pattern may be completed by a breakdown below the wedge, which would invalidate the rising wedge and allow for a new advance towards higher highs over $2.
Conclusion
In conclusion, the tokens discussed exhibit significant potential within the volatile landscape of cryptocurrency, driven by bullish sentiments and notable market activity. However, it’s crucial to acknowledge the inherent risks associated with investing in digital assets, characterized by their high volatility and market fluctuations. This analysis does not constitute investment advice but rather offers a projection of market trends based on current data. Investors are advised to conduct thorough research and consider their risk tolerance before engaging in cryptocurrency trading.
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