FTM price is up over 14 +% despite facing resistance
- The FTM market is showing strong bullish momentum with potential for a breakout.
- Traders should watch for overbought signals and consider stop-loss orders.
- Increased market volatility presents trading opportunities to make a profit.
The bears gained the upper hand in the Fantom Market (FTM) early in the day until the intraday low of $0.3949 provided support. After the support was established, the bulls gained control and led FTM price to a high of $0.4679, which represented a 14.52% advance from the intraday low despite encountering resistance at the intraday high of $0.4716.
If the uptrend continues, the price may break the $0.4716 resistance, and the next resistance levels could be around $0.4800 and $0.4900, while a negative reversal might lead to a retest of the $0.4200 support level.
Traders flocked to the market anticipating a long bullish rally, which led to a 14.72% increase in the market capitalization to $1,301,847,389, indicating strong investor confidence in the positive trend. The 24-hour trading volume decreased by 20.18% to 320,310,023 dollars, indicating that investors are holding positions and are not trading too much, which is a favorable sign for the long-term stability of the market.
24-hour price chart (Source: CoinMarketCap)
As the Keltner Channel Bands on the 4-hour FTMUSD price chart are rising, the market volatility could pick up soon, which indicates potential trading opportunities for traders trying to take advantage of market changes. The upper bar is located at 0.4646, while the lower bar is located at 0.3750, which reflects this bullish outlook.
Positive momentum may continue in FTM as price action builds green overlapping candlesticks and advances above the upper band, triggering the breakout.
This movement indicates that traders are now placing huge demand on the FTM. The trend will continue if the price continues above the upper band and buyers retain control. A reading of the Money Flow Index (MFI) at 54.41 and an upward trend on the FTM price chart indicates that there is now more buying pressure than selling pressure for the FTM, which could lead to more price gains in the near term.
FTM/USD chart (Source: TradingView)
With the Stochastic RSI reading at 77.49 on the FTM price chart, the positive momentum in the market is strong, and additional price gains are likely in the near term. This stochastic RSI level indicates that the buying pressure is likely to continue, and traders should consider establishing long positions to take advantage of the impending rally.
However, since it is approaching the overbought level of “80”, traders should be wary of a possible trend reversal or price drop soon and consider placing stop-loss orders to mitigate the risk.
A Rate of Change (ROC) value of 17.63 indicates that the FTM market is now enjoying a significant bullish momentum with buying pressure dominating. However, its movement in the southern direction indicates that the bullish trend is losing its pace and that a reversal or consolidation is possible soon.
FTM/USD chart (Source: TradingView)
FTM shows upside potential with strong investor confidence and positive momentum, but traders should be wary of potential trend reversals and consider stop-loss orders.
Disclaimer: The views, opinions and information shared in this price forecast are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss
FTM price rose after 14 +% despite encountering resistance on the first coin issuance.