Fantom skilled a 17% improve in worth, positioning it because the main performer within the cryptocurrency market.
Fantom (FTM), a blockchain platform optimized for decentralized finance purposes, soared 17% in worth on the morning of Aug. 22, exchanging palms at $0.461 per worth information from crypto.information. The crypto asset’s each day buying and selling quantity jumped greater than double from the previous day, hovering round $284 million, whereas its market cap stood at $1.29 billion, rating it 62nd among the many prime largest cryptocurrencies.
The token’s worth has jumped by 67% since its drop to $0.276 on Aug. 5, when the crypto and inventory markets crashed, resulting in over $1 billion in liquidations. Regardless of the most recent worth surge, FTM continues to be down 86.6% from its all-time excessive of $3.46 recorded in October 2021.
Fantom‘s present worth at $0.4621 positions it above the higher Bollinger Band at $0.4520, signaling a possible breakout from typical volatility ranges. This place above each the center band at $0.3655 and the higher band suggests an uncommon upward momentum available in the market, indicative of a robust bullish sentiment.
Provided that FTM worth exceeds the higher Bollinger Band, there might be considerations in regards to the asset changing into overbought, however the Relative Power Index at 61.93, whereas elevated, nonetheless doesn’t firmly categorize the asset as overbought, which might sometimes be indicated by an RSI over 70. This implies that whereas the shopping for momentum is powerful, there should still be room for upward motion earlier than the asset enters probably overbought territory.
The state of affairs displays a market that has presumably reacted to optimistic stimuli, propelling the value above regular resistance ranges however not but to a degree of reversal primarily based on overbuying. This will appeal to additional curiosity from merchants seeking to capitalize on the momentum, probably pushing the value even greater within the quick time period.
Nevertheless, merchants also needs to be cautious of any fast modifications that would result in a fast retracement if the value adjusts again into the conventional vary of the Bollinger Bands.
