- FTM sees bullish momentum from G-Dragon’s NFT collection on the Fantom network.
- Technical analysis shows a potential bearish trend with fading buying pressure.
- Traders advised to beware of sell-offs and consider taking gains or stop-loss orders.
In the previous 24 hours, the Fantom (FTM) market has been bullish, with bulls able to price the token between support and resistance levels of $0.4446 and $0.5015, respectively. FTM was trading at $0.476 as of press time, up 5.22% from its previous close.
The spike is due to Kwon Ji-Yong, also known as G-Dragon, bringing his creative side to web3 through NFTs, which have generated a buzz in the crypto world and drawn new investors to the Fantom ecosystem. The combination of NFTs with Fantom’s quick and low-cost blockchain technology led to FTM’s recent price increase.
G-Dragon is capitalizing on this trend by establishing his unique NFT collection (the Archive of PEACEMINUSONE ) on the FTM network, which will likely attract many crypto lovers and collectors.
The utility for this drop will have any K-pop fan over the moon— learn more ? pic.twitter.com/VBvFoO4Ttv
— OpenSea (@opensea) March 18, 2023
This interest is reflected in a 5.33% and 1.22% increase in market capitalization and 24-hour trading volume, respectively, to $1,324,677,556 and $340,514,679.
FTM/USD Technical Analysis
With a Relative Strength Index (RSI) value of 48.74, the bullish momentum in the FTM market looks to be fading, but it remains over the oversold level of 30, suggesting that there may still be some buying pressure in the market.
The MACD blue line motion is below its signal with a value of 0.0009 and going towards the negative area, indicating a probable bearish crossing soon. This move might lead to a further decrease in the FTM market if purchasing pressure does not improve.
With a score of 73.75, the stochastic RSI indicates that the FTM market is now overpriced and may undergo a price drop in the coming days, mainly if insufficient purchasing support maintains current price levels.
This action warns traders to be wary of prospective sell-offs and to consider taking gains or activating stop-loss orders to limit potential losses.
G-Dragon’s NFT collection on the Fantom network has sparked a bullish trend, but technical analysis suggests caution as market indicators show signs of a potential bearish trend.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your research and consult with a financial advisor before making investment decisions.