Fantom (FTM) has been exhibiting a bullish bias on higher time frames, with Bitcoin (BTC) approaching the make or break resistance at $28k. Technical data shows that FTM could see a pullback before another leg higher, and caution is advised. FTM has been trading within a range between $0.42 and $0.6 since February, with the mid-range mark at $0.51. Despite falling below the range in early March, the price has moved back into the range over the past two weeks, changing the market structure to bullish with the breakout of the recent lower high. However, the active user count has been on the decline since late February, which may suggest that the gains were driven solely by speculators and not necessarily supported by increased usage on the network. Despite the strong market performance, the $0.51 level has been a challenge for bulls, and resistance may be faced in the near future.
Fantom (FTM) Could See Pullback After Hitting Mid-Range Resistance
Fantom (FTM) has shown a bullish bias on higher time frames, rallying over the past ten days to push prices strongly above the $0.42 mark. Bitcoin (BTC) also approached the make or break resistance at $28k, potentially leading to additional gains in the market if it moves above $30k. However, caution remains important, as technical data shows that FTM could see a pullback before another leg higher.
FTM has been trading within a range between $0.42 and $0.6 since February, with the mid-range mark at $0.51. Despite falling below the range in early March, the price has moved back into the range over the past two weeks, changing the market structure to bullish with the breakout of the recent lower high. Bulls have been fighting bears near the psychological $0.5 area for the last four days but have been unable to force a close of a daily trading session above $0.51.
On lower time frames, FTM has lost some of the bullish momentum it had a few days ago. If rejected at $0.5, buyers can wait for a move to the breakdown to $0.42 to buy. The RSI was above 50 neutral, indicating that the momentum has shifted in favor of the bulls. OBV has also risen back above a support level since February, suggesting buying pressure behind Fantom.
However, despite the strong market performance, active users have been on the decline since late February. This may suggest that the gains were driven solely by speculators and not necessarily supported by increased usage on the network.
Overall, while FTM has a bullish bias on higher time frames, caution is advised, and a pullback could be in store before another leg higher. The $0.51 level has been a challenge for bulls, but it held firm so far, indicating that FTM may face resistance in the near future.
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