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The Fantom price has surged 10% in the last 24 hours to trade at $0.3982 as of 3:25 a.m. EST on a 59% surge in trading volume to $274 million.
This surge has positioned FTM as the top gainer among the top 100 coins, according to CoinMarketCap.
Fantom Price Analysis: Bulls Initiate A Rebound
The Fantom bulls have initiated a rebound within a bearish channel after a prolonged downturn that has since wiped out bulls’ profits. However, the support zone at $0.25 has provided the bulls another chance to regroup and increase the price.
FTMUSD Analysis Source: TradingView
The bulls’ resilience could drive the price above the bearish channel to new highs in the coming weeks. However, the Simple Moving Averages (SMAs) pose a challenge. The 50-day SMA is just above the price, while the 200-day SMA is slightly further away. A breakout above the 50-day SMA could confirm the bull rally, with further validation if the price surpasses the 200-day SMA. Increased momentum could push the price above the bearish pattern, allowing the bulls to drive it higher.
Moreover, the strong support level has also caused a rebound of the Relative Strength Index (RSI), which has resulted in a reversal from the 30 oversold levels to the 50 midline level. This indicates intense buying pressure for the Fantom price, and could lead to the RSI surging further into the overbought region of 70 if the bulls are resilient.
Additionally, the Moving Average Divergence Convergence (MACD) is strongly rising from the ashes below the neutral level. The blue average line has also crossed above the orange signal line, indicating that the buying pressure may become intense in the upcoming days. The green histogram bars are also increasing and trading above the neutral position, suggesting a potential bull rally might soon ensue.
Fantom Price Prediction: More Upside Coming
The bulls are determined to recover their losses as the Fantom price continues climbing towards the bearish channel’s upper boundary. This means that the more buying pressure there is, the closer the breakout will be, helping the bulls to push the price to a new high of $0.7155 this month. With increased momentum and volatility, bulls could even drive the price to reclaim the $1.25 high in the upcoming weeks.
However, there is a higher possibility that the 50-day SMA might be resilient enough to allow the bears to keep the price within the descending channel. Such a scenario would cause the bulls to look to the $0.2402 support as a safe landing zone.
A More Promising Alternative
As the Fantom price attempts to escape from a bearish channel, investors are flocking to Playdoge (PLAY), which has raised over $6 million in funds through its presale.
Its momentum at this early stage has caught the attention of analysts, including popular YouTuber ClayBro, who is excited about PlayDoge’s meme coin nature and its inclusion of tokenization. He predicts huge gains after its launch.
In the 90s, the Tamagotchi devices were a huge success, selling tens of millions of units worldwide. However, gameplay was limited, often resulting in the digital pets eventually dying and forcing players to restart the game.
Beyond its meme appeal, the PLAY team plans to modernize the popular Tamagotchi game from the 90s by integrating contemporary blockchain and crypto technology. The updated version will allow players to earn cryptocurrency rewards simply by caring for their virtual pets and ensuring they get enough food, love, and sleep. PlayDoge’s game will also be mobile-friendly, enabling players to enjoy it on their smartphones.
PlayDoge currently offers a 76% annual yield to buyers who stake the token during its presale. After purchasing tokens, investors can lock up their PLAY through the staking page on the project’s website to unlock the high staking rewards.
You can join the project early by purchasing the token using the buy widget on the project’s website with ETH, BNB, USDT, or a bank card. However, you need to hurry, because the price of PLAY is set to rise in just over 3 hours.
Buy PLAY here for the 76% APY before its price increases.
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- SolidProof Audited – playdoge.io
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