- Bulls seized control of the Fantom market, propelling the price to a new 90-day high of $0.6444.
- In the last 24 hours, the cost of FTM has ranged between $0.575 and $0.6444.
- Indicators point to a protracted bull run in the FTM market.
Fantom (FTM) bulls have been in control all day, with the price bouncing between $0.575 and $0.6444 as support and resistance levels. This clear dominance propelled the FTM price up by 4.68% to $0.6037 as of press time.
As traders hopped on board expecting a lengthy bull run, market capitalization and 24-hour trading volume surged by 4.78% to $1,676,262,186 and 25.01% to $653,586,419, respectively. This upward price movement and surge in investor interest have set the stage for FTM to retain its bullish momentum, even if there are inevitable corrections.
The Aroon up reads at 42.86%, while the Aroon down reads at 7.14%, supporting the bullish persistence in the FTM market. This movement suggests the existence of a positive trend since the uptrend is increasing while the downtrend is decreasing. The bullish continuation is further confirmed by a more fantastic reading of Aroon up compared to Aroon down, suggesting that momentum is strong and may continue to be so soon.
The Elder Force Index (EFI) reading of 6.776K and heading south adds to the bullish persistence. A lowering EFI value is seen as increased purchasing pressure, suggesting a robust rise. This prognosis indicates that the upswing will likely continue soon, with prices expected to rise higher.
The positive trend in the FTM market looks to be fading, with an RSI value of 58.64 and movement below its signal line. As the RSI reading continues to fall, investors are becoming more anxious that the positive trend may not be sustained since it indicates that selling pressure in the market is mounting and momentum is weakening. In such a case, the present market circumstances are unlikely to last, and a correction is imminent.
On the 1-day price chart, Aroon is up 92.86% and down 7.14%, indicating that the uptrend is robust with high buyer demand and no substantial selling pressure in the market. Furthermore, the Elder Force Index (EFI) stands at 493.132k, indicating a rise in purchasing stress from investors who have increased their assets over time, providing additional confirmation of the current trend. This emphasizes the strength of the upswing and reinforces the notion that purchasing pressure is intense.
The Relative Strength Index (RSI) is 81.46, warning traders of a probable trend reversal. It indicates that the market is overbought and that a trend reversal is likely. Despite this precautionary action, it is evident that the market’s current trend is upward, as seen by the strong Aroon Up readings and rising Elder Force Index (EFI).
If bulls want to maintain market dominance, resistance levels must be maintained and prices must be pushed higher in the FTM market.
Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.