Fantom (FTM) price just had a 15% surge in price over the last 24 hours. FTM Price broke a new price high. Analysts and investors alike have taken a shining to this surge, suggesting a very bullish future for the token.
FTM Sets New Post Breakout High as Analysts Eye $3 Target
Fantom has been a focal point for crypto discussions containing its recent breakout which pushed Fantom to new trading highs. Ever since, FTM has pushed upwards, and market analysts have now put forward a new target price of $3.00 for the token.
Taking into account the current price dynamics and market trends, the price target outperforms a more than 100% from the current levels.
There is a lot of speculation surrounding this target price. It’s backed up with large trading volumes and some liquidity injections being seen in a number of exchanges. An example of this would be that trading volume for FTM spiked up over 150% over the last day showing an increase in market activity and excitement for the token.
The surge happened not just from a number increase but it is one of the top gainers in the cryptocurrency market today. These numbers show clearly that the FTM is going through aggressive buying behaviour and has positive sentiment driving the market to increase by as much as 15% in one day.
This uptrend has also been seen in the reflected market cap of FTM, which has increased by 5.50% from approximately $3.83 billion.
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FTM Price Technical Analysis and Market Sentiment
From a technical standpoint, we see that the FTM chart shows how volatile it has been, this is depicted by the Bollinger Bands on the chart.
The price ascended above the upper Bollinger Band, before a descent to the middle line. When the price breaks above the upper band this often signals overbought conditions, which often precedes a correction to the middle band as seen in this case.
Currently the Volume Oscillator is negative (-4.88%). This means it looks like the momentum on FTM is slowing short term (possibly consolidation phase after recent price surge) and the volume is going down short term.
The low volume during the sell-off suggests that it may not be driven by a large number of sellers. If trading volume increases and becomes bullish, this could indicate a positive outlook.
The ADX, which measures market direction strength, currently stands at 28.73. A value above 25 generally indicates a strong directional trend.
The recent price spike, combined with a rising ADX, confirms that the uptrend was robust. However, a downward shift in the ADX could signal decreasing momentum, often a precursor to a bearish correction.
