Fantom is an open-source blockchain platform that allows users to create decentralized apps, digital assets, and enterprise applications. It uses a consensus protocol that facilitates instant transactions, high scalability, security, and reliability. FTM is the prime governance token of this ecosystem and its technical analysis is as follows. Past Performance On Jun 11, 2021, FTM opened at $0.28. On Jun 17, 2021, FTM closed at $0.32. Thus, in the past week, the price has increased by roughly 14%. In the last 24 hours, FTM has traded between $0.29-$0.34. https://ift.tt/3zzWjHi Day-Ahead and Tomorrow Currently, FTM is trading at $0.34. The price has increased from the day’s opening price of $0.32. Thus, the market seems bullish. The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the FTM price to start rising. Currently, the RSI indicator is at 65%. It faced rejection at 72% and fell to the current level from the ‘overbought’. However, buying pressures are still high. Heavy demand for crypto will push its price further up. Besides, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the FTM price. In a nutshell, all three oscillators have indicated a strong bullish trend. FTM Technical Analysis Currently, the price is above the first Fibonacci pivot resistance level of $0.33. It may soon surpass the subsequent resistance levels of $0.35 and $0.37, respectively. The price has tested and risen above the 23.6% FIB retracement level of $0.34. The price may soon break out of the 23.6% FIB extension level of $0.35 as well. Thus, as of now, the bulls are strong. Hence, we can expect the price upswing to continue tomorrow as well.
The post FTM Technical Analysis: Price Tested and Risen Above the 23.6% FIB Retracement Level of $0.34 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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