The cryptocurrency market, which has been in a sluggish phase for several weeks, showed signs of recovery at the start of July. Bitcoin (BTC) is currently valued at $63,000. Altcoins have also experienced a resurgence, with many nearing their resistance levels. Among them, Fantom (FTM) Coin has demonstrated a notable increase.
What is Driving FTM’s Recent Surge?
Over the past 24 hours, the price of FTM Coin has climbed significantly, reflecting a broader upward trend among altcoins. The market received a boost from recent developments involving Circle and Coinbase, particularly after the US markets opened. Currently, Fantom (FTM) is priced at $0.59, with trading volume spiking by 82% to $116 million, suggesting sustained positive momentum.
Analyzing the ratio of daily trading volume to profit and loss, the figure has peaked at 4.29, its highest since April 8. This indicates a significant number of transactions resulted in profit, a bullish sign for potential continued gains.
Which Trends Indicate FTM’s Future Movements?
Examining the daily price movements, FTM Coin appears poised to continue its upward trajectory. The MACD has been recovering since June 24, signaling a positive trend reversal. Increased buyer interest preceding BTC’s movement could further support this growth. An intersection of the MACD line with the rising trend line could signal a stable price increase.
If FTM’s buying pressure remains strong and profit-taking is minimal, higher price peaks are possible, especially if BTC stays above $62,500.
Key Inferences
- Current FTM price: $0.59 with an 82% increase in trading volume.
- MACD signals a potential trend reversal since June 24.
- Key resistance levels: $0.624, $0.637; potential target: $0.85, $0.96, $1.04, $1.16.
- Support levels in case of decline: $0.53, $0.51, $0.42.
In the event of a downturn, FTM could retreat to the $0.53 support level. However, the price is approaching the $0.624 resistance, and surpassing this could lead to new highs targeting $0.85. Beyond this, targets include $0.96, $1.04, and $1.16.
It is essential to recognize that, like all other aspects of the crypto market, future price movements are unpredictable.