Fantom (FTM) is making an attempt to reverse its downward pattern after falling sharply during the last two months. The coin has stabilized and is seeking to start a gentle upward rally to attempt to get better a few of the losses. However, this bullish outlook stays very brief time period. Here are the info:
FTM has misplaced nearly 90% in worth during the last 7 weeks.
The coin is nonetheless displaying indicators of an prompt pattern reversal after 24-hour positive factors of round 16%.
Fantom stays beneath essential DMAs, suggesting extra weak point may come.
Data Source: TradingView
Fantom (FTM) – How far can it rally?
After shedding loads of worth over the previous couple of weeks, FTM has shot up virtually immediately. There are indicators that the long-term downward pattern is reversing, and extra positive factors may 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 carry itself up fairly considerably after bottoming at $0.27 in Mid-May. In truth, 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 not less than for an additional week. However, if fantom bulls can in some way pull off a miracle and smash previous the $0.6 resistance, FTM may surge in direction of $1 by the tip of the month.
Should you purchase FTM?
FTM has largely underperformed the complete market. Although most main cash are down in 2022, Fantom has reported sharper declines partly as a consequence of main ecosystem information.
But this doesn’t change the truth that Fantom stays a really respectable crypto venture. So, though the costs proper now are unpredictable, FTM nonetheless has a lot worth to supply in the long term.