Fantom (FTM) has been making headlines after a remarkable price surge of nearly 50%, pushing the token to its highest level in eight months. This surge has reignited investor interest, with many closely monitoring the token’s next moves.
However, the token’s performance has recently hit a snag near the crucial $1 resistance level, triggering speculation about whether its bullish momentum can continue.
At the time of writing, the price of Fantom (FTM) has reached $1.06, marking a 12% increase in the last 24 hours and a 50% surge in the past week. Over the last year, there has been an increment of over 250% in the price.
Fantom jumped 50% last week, Source: CoinMarketCap
Fantom (FTM) has been making headlines after a remarkable price surge of nearly 50%, pushing the token to its highest level in eight months. This surge has reignited investor interest, with many closely monitoring the token’s next moves.
However, the token’s performance has recently hit a snag near the crucial $1 resistance level, triggering speculation about whether its bullish momentum can continue.
Technically, Fantom’s Relative Strength Index (RSI) has shown rejection in the overbought range on the daily chart, signaling caution. However, the upward trend in its average RSI line and strong support from the 50-day and 200-day Exponential Moving Averages (EMAs) provide a bullish foundation. These indicators suggest that a reversal could be on the horizon, keeping hopes alive for a recovery above $1.
If bulls regain control, FTM could breach the $1 resistance level, potentially rallying to its next target of $1.20. On the flip side, failure to maintain momentum could see the token revisit its support levels of $0.84 or even plunge toward $0.68 if bearish sentiment prevails.
The potential migration to Fantom’s upcoming “Sonic” upgrade could play a pivotal role in shaping the token’s trajectory. Investors are closely watching whether this technological shift will bolster FTM’s appeal or fail to sustain the token’s recent gains as 2024 draws to a close.
Also Read: $7M Stolen in Polter Finance Exploit on Fantom Blockchain
