FTM’s Price Retraces After Setting New High; Bullish Or Bearish?
2022.07.08 23:06
FTM’s Price Retraces After Setting New High; Bullish Or Bearish?
- FTM’s price rose by 4.59% over the past day.
- Following a retracement from its former high, FTM’s price retraced to its current level.
- If the current level is unable to hold, then the price of FTM may risk dropping to as low as $0.2650.
According to the crypto market tracker, CoinMarketCap, the price of Fantom (FTM) has increased over the last 24 hours.
At the time of writing, the price of FTM is around $0.2746, which is 4.59% higher than it was yesterday. The 24-hour price movement has also added to FTM’s jump in price over the last 7 days as the coin now finds its price up by just over 4% over the last 7 days.
Ranked number 62 on CoinMarketCap’s list of the biggest crypto projects by market cap, the current fully diluted market cap of FTM is estimated to be $870,679,943. FTM’s daily trading volume is another statistic that has picked up over the last 24 hours as the daily trading volume is around $210,757,245 at the time of writing. This is a 69.88% increase compared to the day prior.
When comparing FTM to the 2 largest cryptos by market cap, Ethereum (ETH) and Bitcoin (BTC), FTM has weakened slightly against BTC and has strengthened against ETH a bit. Currently, FTM has weakened by 1.22% against BTC and has strengthened by 0.67% against ETH.
1 hour chart for FTM/USDT (Source:CoinMarketCap)
Looking at the 1-hour chart for FTM/USDT, FTM’s price retraced down to $0.2738 from its former high at around $0.2940. This retracement may be followed by a bullish continuation to potentially target between $0.45-0.55. Should this move occur, it will only happen over the coming weeks.
However, if the current level is unable to hold, then the price of FTM may risk dropping to as low as $0.2650.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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