The cryptocurrency market has recorded a stable price action over the past few days, indicating a cool-off phase in the market. Moreover, with Bitcoin price holding its value above the $64K level, the altcoin market has picked up pace.
Top altcoins have recorded a massive uptrend in their respective portfolios with some recording a 2X return within the past 30 days. One such altcoin is Fantom (FTM) with a ~80% surge during this period. Will this altcoin maintain its bullish momentum and achieve the $1 mark this year? Read this analysis to find out!
Amid increased price volatility, the Fantom price has added 8.53% to its portfolio with a trading volume of $294.061 million, a change of +13.72%. With this, it has successfully held its value above its important support/resistance level of $0.680.
Notably, this Ethereum-based altcoin has jumped 16.44% over the past week and 76.92% during the past 30 days. With a YTD return of +57.05% and a market capitalization of $2.082 billion, it has secured the 46th position in the market.
The Simple Moving Average (SMA) constantly supports the FTM price chart in the 1D time frame. This indicates increased buying pressure for the altcoin in the cryptocurrency market.
Further, the MACD indicator has successfully retested its neutral point and has recorded a bullish rebound. With its averages experiencing a bullish convergence, the Fantom token hints at a positive outlook during the upcoming time.
Maintaining the price above its support level of $0.680 will set the stage for the Fantom coin price to prepare to test its resistance level of $0.840. Furthermore, if the bullish sentiment intensifies, this could result in this altcoin heading toward its upper high of $1 this month.
On the flip side, if the bears regain momentum, the FTM price will retest its support level of $0.680. Moreover, if the bears dominate the crypto space, this could result in it plunging toward its lower support level of $0.5375 during the upcoming weeks.
Wondering about how far the FTM price could project in the future? Read our Fantom Price Prediction to decode the same!
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