- Fantom price is up 170% since January
- The Relative Strength Index suggests the uptrend could trade rangebound near $0.65.
- A breach of the $0.47 liquidity zone could induce a steeper pullback.
Fantom price has displayed stunning market behavior. While investors secure profit, the uptrend shows the possibility that it can continue towards higher price levels in the coming weeks. still, this article assesses Phantom's short-term technicals to forecast the next price swing.
Fantom price is taking off
Fantom price has outperformed most cryptocurrencies with a 217% rally to a high of $0.655 since January 1st. A brief consolidation is occurring near the $0.53 level, bringing the 5-week gain to 170%.
Fantom price currently auctions at $0.53. The scalable smart contract token is currently trading just below the 8-day exponential moving average, but the 21-day simple moving average remains untested. Investors are expecting A tag of this indicator to act as support as it would be the first engagement since the rally's initial stages on January 5th, when FTM traded at $0.20.
The Relative Strength Index shows FTM's uptrend in overbought territory, defining the uptrend move as a genuine rally. The consolidation also shows bullish divergences, indicating that profit-taking transactions are being absorbed by the underlying strength of the trend.
Based on these factors, it is likely that FTM will continue to consolidate within the current $0.50 zone and move towards higher price targets near $0.65 in the coming weeks. The bullish scenario creates the potential for a 20% decline from FTM's current market value.
FTM/USDT 1-day chart
Traders should make sure to monitor the 21-day simple moving average moving forward. A daily closing candlestick below the indicator, marked at $0.47, could induce a deeper decline. The bears could challenge support levels as low as $0.27, which would result in a 52% decline from the current market value.
This video details how Bitcoin price moves could affect Fantom price
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC Chair Gensler hints at resignation amid lawsuit from 18 states accusing the regulator of unlawful overreach
In a filing on Thursday, 18 states, along with the DeFi Education Fund, issued a lawsuit against the Securities and Exchange Commission, alleging that the regulator's crackdown on the crypto industry has been unlawful and unconstitutional.
Bitcoin Price Forecast: BTC eyes $100K, what are the key factors to watch out for?
Bitcoin trades below $90K in the Asian session on Friday as investors realized nearly $8 billion in profits in the past two days. Despite the profit-taking, Bitwise CIO Matt Hougan suggested that BTC could be ready for the $100K level, fueled by increased stablecoin supply and potential government investment.
Ethereum Price Forecast: ETH could rally to $4,522 despite mixed on-chain flows among investors
Ethereum is down over 1% on Thursday following record net inflows across ETH exchange-traded funds in the past six days. Despite the bullish market outlook, $300 million worth of unstaked ETH could hit the market and cause downward pressure on prices.
Crypto Today: Bhutan sells $33M BTC, McDonald’s launches NFTs, PEPE, SUI emerge top gainers
The aggregate cryptocurrency market capitalization shrank by 1.45% on November 14, reflecting a $42.6 billion dip. In the last 24 hours, 170,878 traders were liquidated to the tune of $485.13 million, per Coinglass data.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.