Fantom (FTM) is attempting to reverse its downward development after falling sharply over the past two months. The coin has stabilized and is trying to start a gentle upward rally to attempt to recuperate a few of the losses. However, this bullish outlook stays very brief time period. Here are the information:
FTM has misplaced nearly 90% in worth over the past 7 weeks.
The coin is nonetheless displaying indicators of an immediate development reversal after 24-hour good points of round 16%.
Fantom stays beneath essential DMAs, suggesting extra weak point might come.
Data Source: TradingView
Fantom (FTM) – How far can it rally?
After shedding plenty of worth over the previous few weeks, FTM has shot up nearly immediately. There are indicators that the long-term downward development is reversing, and extra good points might come in the approaching days. However, Fantom nonetheless stays pressured beneath a number of resistance zones.
While it’s now testing $0.5, we don’t see any additional upside above $0.6. Besides, FTM has managed to elevate itself up fairly considerably after bottoming at $0.27 in Mid-May. In reality, the coin has added nearly 50% in worth from its lowest worth this month. It is probably going that this decisive upward run will lose momentum in the times forward.
As such, we count on FTM to stay beneath $0.5 no less than for one more week. However, if fantom bulls can in some way pull off a miracle and smash previous the $0.6 resistance, FTM might surge in direction of $1 by the top of the month.
Should you purchase FTM?
FTM has largely underperformed your complete market. Although most main cash are down in 2022, Fantom has reported sharper declines partly resulting from main ecosystem information.
But this doesn’t change the truth that Fantom stays a really first rate crypto undertaking. So, although the costs proper now are unpredictable, FTM nonetheless has a lot worth to supply in the long term.
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