FTM Technical Analysis: Price Likely to Rally Higher

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Fantom is a robust blockchain platform for the creation of decentralized apps and digital assets using innovative technologies. It is a fast, cost-efficient, and secure smart contract platform with high throughput. The BFT consensus protocol imparts Fantom with high scalability and agility. FTM is the native token of this ecosystem and the technical analysis is as follows:

Past Performance

On May 1, 2021, FTM opened at $0.74. On May 7, 2021, FTM closed at $0.77. Thus, in the past week, the FTM price has surged by roughly 4%. In the last 24 hours, the FTM price has traded between $0.77-$0.82.

Day-Ahead and Tomorrow

Currently, FTM is trading at $0.80. The price has increased from the day’s opening price of $0.78. Thus, the market seems to be uptick.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.Currently, the RSI indicator is at 60%. It has just fallen from the 70% mark. Hence, buying pressures are high. High buying activity in the FTM market will push its price upwards.The OBV indicator is rising steadily. Thus, buying volumes are picking up. Hence, the OBV indicator is giving further credence to the bullish market signals given by the MACD and RSI oscillators.FTM Technical AnalysisIn a nutshell, all the oscillators have indicated a bullish market momentum. Hence, we can expect the price to go up further.Currently, the price is soon likely to surpass the first Fibonacci pivot resistance level of $0.80. In a few hours, the price is likely to break out of the subsequent resistance levels of $0.82 and $0.83, respectively.

Currently, the price has tested and fallen below the 23.6% FIB retracement level of $0.81. But, it is expected to retest and break out of this level soon. Overall, the price uptrend is strong and expected to continue tomorrow as well.

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