Fantom (FTM), which is a smart contract platform of DAG-base, has gained more than 30% in a week. After the massive loss in 2023, this recovery is potent, which came after total value locked (TVL) reached a two-year low.
However, the broader picture is still gloomy for this coin as the minor upward pressure in the crypto winter is only a tiny part of the existing bearish leg. Despite the terrific price decline, it is not the absolute reason that the FTM is confronting troubles.
The conflicts of FTM have gained as some of these networks have already disclosed their coalition or revealed their native or digital tokens. These evolutions make it more troublesome for FTM to fascinate fresh investors and sustain its reputation as the top blockchain platform in the crypto industry. However, the running positive sentiment from the Bitcoin ETF grabbed some positive feedback from altcoin bulls. Although the decision is pending until January 2023, most of the coins, including FTM, grabbed some buyers' interest.
The Fantom price today has a circulation supply of 2,803,634,836 FTM, while the maximum supply is 3,175,000,000 FTM.
Should you invest in FTM/USD from the discounted price?
Let’s see Fantom (FTM) Price Prediction from the FTM/USD technical analysis:
Fantom (FTM) Bulls Seek A Profit Taking
On the daily chart, the FTM/USD is trading within a bullish pressure, where the recent price shows an overextension above the 0.2864 static level. Therefore, a downside correction is possible, but investors need more clues before considering it a trend reversal.
The extensive selling pressure found a bottom at the 0.1706 support level, from where a 122% gain has come. Moreover, multiple daily candles formed above the dynamic 20 EMA, while the current high volume level is at the 50% Fibonacci Retracement area of the existing bullish swing.
Based on the daily Fantom Price Prediction, a bearish correction is possible towards the 0.2864 support level. In that case, a bullish candlestick formation from the 0.2800 to 0.2300 area could increase the price towards the 0.4458 resistance level.
However, the bullish possibility is potent as long as the price trades above the 0.2372 high volume level. If bears show a strong interest and manage to close the daily candle below the 0.2300 support level, we may consider the upcoming trend direction as bearish towards the 0.1700 level.
Fantom (FTM) Approaches Intraday Support
The above image shows the H4 chart of Fantom (FTM), where the current price is trading within a bullish, impulsive wave backed by a strong consolidation. Therefore, as the current price is trading within the lower Bollinger Bands support, any buying opportunity could be potential.
This technical analysis shows how the upper Bands and Lower Bands of the Bollinger Bands indicator remained upside while the current price hovers at the middle Bands area. In the indicator window, the Relative Strength Index (RSI) moved below the 50.00 line, which indicates a downside possibility in the price chart.
Based on the H4 FTM Price Prediction, a minor bearish correction is possible towards the lower Bollinger Bands support, from where a valid bullish rejection from the 0.3000 to 0.2800 area could be a long opportunity.
The alternative trading approach is to wait for the price to come below the 0.2800 level and form a bearish H4 candle. In that case, a short opportunity will be open, which can drag the price down toward the 0.1700 level.
Fantom (FTM) Intraday Price Action Analysis
In the intraday price action of FTM, the overall outlook is bullish as the current price is trading above the visible range high volume level.
However, the dynamic 20 EMA and weekly VWAP are working as a resistance with a bearish slope. Meanwhile, the Traders Dynamic Index shows selling pressure as the current TDI level is aiming lower from the neutral area.
Based on the current FTM Forecast, a bullish trend extension could be completed if a bearish H4 candle comes below the 0.2864 support level. In that case, a valid long opportunity is possible once the profit taking is over from the 0.2800 to 0.2600 area.
Is Fantom (FTM) A Buy?
Based on the Fantom (FTM) Coin Price Prediction, the buying possibility is potent in the FTMUSD daily price as the recent candles show a buyers’ presence in the market. However, investors should wait for a confirmation from the intraday price as the daily chart suggests a pending correction as a profit-taking.