Fantom Price Maintains a Bullish Trend But Remains Within a Bearish Influence: What’s Next?

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Written By Pinang Driod

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Well ahead of the Bitcoin halving, the crypto markets have turned sluggish with not many variations. A slight pullback in the BTC price has compelled the other tokens to remain largely still but some of them have managed to maintain a bullish streak, including the Fantom (FTM) price. The token has been trading within an elevated range after initiating a rebound but before reaching the average range, the bears appear to have become vigilant. 

The FTM price has maintained its trade within a rising parallel channel, while the latest bullish push was expected to elevate the levels beyond the key resistance. These resistance levels at the average of the channel were expected to offer a strong base that could have triggered a fresh bullish upswing. However, the bulls have to wait for some more time to surpass the key resistance, as the bears may send the token back towards the support. 

As seen in the above chart, the FTM price in the long term maintains an ascending trend, but to continue within the same range, a pullback appears to be mandatory. Besides, the technicals also suggest a similar price action, as the RSI has displayed a bearish divergence while the DMI, which had rebounded earlier, is heading back to undergo a bearish crossover. This suggests the FTM price may experience a slight pullback, which may initiate a fresh bullish spell back towards $1.21 initially. 

What can we expect from the FTM price in the long term?

In the long term, the token appears to have risen over the bearish influence, and hence the trend could remain bullish. With the price surpassing the yearly highs at $1.21, it may set forth a path to form new yearly highs above $1.6 initially and later try to reach $2, if the bulls settle above $1.8. If they hold the Fantom (FTM) price above the gains, then it may maintain a healthy upswing for the rest of 2024. 

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