Fantom (FTM) has recently captured significant attention due to a remarkable nearly 50% spike in its price, propelling the token to its highest point in eight months. This has led to a resurgence of investor interest, with numerous parties closely observing what lies ahead for the token.
Nevertheless, the token’s progress has faced a setback near the crucial $1 resistance mark. This has sparked speculation regarding the continuation of its upward momentum.
As of the present writing, Fantom (FTM) is trading at $1.06, having registered a 12% gain in the last 24 hours and a 50% climb over the past week. Over the past year, its price has increased by over 250%.
Fantom’s Relative Strength Index (RSI) has demonstrated rejection in the overbought zone on the daily chart, warranting caution. However, the upward trend of its average RSI line and the solid support from the 50-day and 200-day Exponential Moving Averages (EMAs) establish a bullish groundwork. These indicators imply that a reversal might be forthcoming, maintaining the hope for a recovery above $1.
Should the bulls reclaim dominance, FTM could break through the $1 resistance and potentially surge towards the next target of $1.20. Conversely, if the momentum fails to be sustained, the token might revisit its support levels at $0.84 or even plummet to $0.68 in case bearish sentiment takes over.
The prospective migration to Fantom’s forthcoming “Sonic” upgrade could be a crucial factor in determining the token’s future path. Investors are intently observing whether this technological transformation will enhance FTM’s allure or prove incapable of upholding the token’s recent advances as 2024 nears its end.
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