• 18 June, 2024
News

Fantom Price Analysis: FTM Jumps 20% In Two days With This Bullish Formation

Fantom scores gains since the beginning of the week amid risk on market mood, co-founder discussed some upcoming developments

Fantom price analysis remains bullish for the fourth straight session. The token is headed for the second weekly gains. The bulls successfully sustain gains following Fantom co-founder Andre Cronje’s tweet. 

In the tweet, he highlighted that Fantom was the oldest EVM chain after ETH, for the past four years Fantom operating with 99.9% uptime. Further, he mentioned gas monetization, which would introduce a new revenue source to Fantom builders generated after monetization dApps volume of transactions. Cronje expects gas subsidies to launch between Q2 and Q3 of 2023.

Further, Fantom is the second blockchain with the highest number of active addresses this week as per data from Nansen, the recorded active addresses were 5.81 million.

Fantom price could rise by 30% further

From a technical perspective, the Fantom price paints a bullish picture as the price breached the critical 50-day Exponential Moving Average (EMA) on January 4, and the token harnessed 40% gains. 

Fantom price trades inside the “ Rising Wedge Pattern, a bearish pattern. But the formation of the “Three White Soldiers” pattern suggests the continuation of the upside momentum defying the prevailing bearish formation.

A daily candlestick above $0.3000 would strengthen the bull’s presence and the next upside target could be $0.3500.

On the other hand, a shift in the bearish sentiment amid an overbought daily Relative Strength Index (RSI) points at the overstretched market condition. A move below $0.2800 could see $0.2600 on the horizon. 

As of press time, FTM/USD is reading at $0.2853, up 7.53% for the day. The 24-hour trading volume gained 54% to $290,734,215 as per Coin marketCap.

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