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Fantom Price Maintains $0.70 Support, Eyes To Hit $1 This Month?
The Fantom (FTM) token has managed to maintain its crucial support level of $0.70, which marks a significant positive trend for the altcoin. As a result, FTM’s price chart is now positioned to potentially hit the $1 mark within this month.
The recent price action indicates that the buyers have managed to defend the key resistance zone around $0.70, resulting in a sharp increase in the trading volume and an uptrend. This trend may be sustained as long as the token stays above the aforementioned level.
In terms of indicators, it is worth noting that Simple Moving Average (SMA) constantly serves as a barrier for FTM’s price chart in the daily timeframe. This implies an intensification of selling pressure in the crypto market. However, the MACD indicator suggests that there may be a potential convergence between the MACD and signal lines, which could lead to a positive trend reversal.
If this occurs, the bearish momentum may give way to bullish sentiment, potentially driving FTM’s price toward $1 or higher. It is essential for investors to keep an eye on these developments and consider diversifying their portfolio with this undervalued asset.
In conclusion, while there are potential risks involved in this short-term market movement, it seems that the support level of $0.70 has been successfully defended by FTM’s buyers, paving the way for a long-term price increase.
Source: coinpedia.org
