Fantom FTM price went through a significant surge this week, experiencing a vertical climb to recapture its previous peaks. Meanwhile, the overall cryptocurrency market cycles through phases of Bull Run, driving other coins upward with considerable momentum.
The Bull Market Continues
Market leaders Bitcoin (BTC) and Ethereum (ETH) witnessed a substantial rally this week. Currently, Bitcoin and Ethereum appear to be stabilizing near their highs after a robust bullish run this week. Bitcoin seems to be hovering above the $60,000 mark, while ETH is trading close to $3,500.
Furthermore, the bullish run in the leading cryptocurrencies has aided numerous other altcoins in reversing their course and breaking out of their corrective phase to reclaim their previous highs. Fantom has also joined the rally and is benefiting from the positive sentiment in the overall cryptocurrency market.
At the time of writing, the FTM price was trading close to $0.53, registering a positive intraday increase of 5.13%. The FTM cryptocurrency is rising sharply and may reclaim its previous highs of $0.56 and $0.65 soon.
Fantom (FTM): Massive Volume Rise
Moreover, the FTM price increase is supported by a significant upsurge in volume in recent sessions. According to data obtained from sources, the cryptocurrency has received $147.227 million in volume in recent sessions, with a nearly 8% increase in the past 24 hours, indicating a rising influx of volume.
Additionally, the volume-to-market capitalization ratio is 10.17%, suggesting moderate volatility in the cryptocurrency.
Do Technical Indicators Suggest Short-Term Volatility?
According to the VR Soldier experts, and from a technical perspective, the FTM cryptocurrency was hovering above the key 20, 50, and 200-day exponential moving averages, suggesting a positive trend prevailing in the short and long term.
At press time, the RSI indicator was positioned near 73.10 points, and the 14-day SMA line was positioned near 61.05 points. Both the RSI and SMA lines were positioned above the average line and trending upwards, indicating a positive sentiment at the moment.
Furthermore, the RSI line has entered an overbought zone, indicating a potential correction pending for the cryptocurrency.
Fantom Price Prediction
The most optimistic forecast from our analysts expects the FTM cryptocurrency to reach a high of $0.75 shortly if buyers surpass the hurdle of $0.562, which is the recent swing high. On the other hand, the pessimistic outlook from analysts is that the price could breach below the dynamic support of the 20 and 50-day EMA, after which the FTM token price could fall to the lower demand zone of $0.4.
