Fantom (FTM) Price Analysis: Bullish Momentum Intact Despite Forming Bearish Candlestick at $1 Mark

Fantom (FTM) price has been bullish and surged by 60% in a week. The FTM price has reached the last swing high and has surpassed the psychological level of the $1 mark.

The price of Fantom (FTM) has surged by 60% in a week, reaching the last swing high and surpassing the psychological level of the $1 mark. However, the price has formed a bearish candlestick in the $1 mark territory, which could be a sign of profit booking by traders.

Despite the bearish candlestick formation, the technical chart displays that the Fantom price has been rising by taking support on an ascending trendline and crucial moving averages. The token has continuously received buying pressure, which has led to a strong bullish rally. The price has been trading over the 200-day EMA and has managed to defend it till now.

The Fantom crypto was trading at $1.04 at press time, which has remained neutral over the past 24 hours. Its market value was $2.92 Billion, and the 24-hour trading volume was $689.44 Million, with a significant fall of 20%.

The technical chart displays that the FTM price has extended to the previous swing-high territory. This territory could be crucial where a bull and bear clash can be seen.

Suppose the price holds the $1 mark and forms a bullish marubozu candlestick; buyers may dominate further. If the price departs from this territory and exceeds the $1.10 mark, buyers may eye the $2 mark.

Once the price loses the $1 mark, it could be a selling signal and may tempt sellers. Here, investors and traders might prefer to book. If the price starts trading below the $0.85 level, profit booking on a larger scale can be observed. Profit booking could lead to massive selling.

Turning to the technical indicators, the Fantom price has completely dominated vital moving averages. RSI has displayed a golden crossover with the RSI-based moving average. That indicated a bullish trend ahead.

The historical fall in the FTM price couldn’t damage the total value locked (TVL) of $131.01 Million. With a market value of $320.62 Million, stablecoins comprise a significant portion of its ecosystem activity. They offer liquidity and usefulness in erratic times.

Investors are cautiously optimistic, with inflows of $3.17 Million and trading volume of $72.46 Million over the last 24 hours. The market capitalization of $2.99 Billion supported the current price of the Fantom crypto. That was $1.07.

The majority of Fantom’s tokens are already in circulation. Moreover, these metrics have demonstrated confidence in the company’s valuation.

The FTM price has shown significant bullish momentum, surging 60% in a week and breaking the psychological barrier of $1. However, forming a bearish candlestick at this crucial level raises concerns about the sustainability of this upward trend.

Traders should keep a close watch on the $1 mark. If FTM can hold and establish a bullish candlestick, it may pave the way for further gains. It could target the $2 mark if the momentum continues.

Conversely, a drop below $1 could trigger selling pressure and profit booking, especially if the price falls to $0.85. Overall, the current technical indicators suggest a dominant bullish trend.