Fantom (FTM) is trying to reverse its downward trend after falling sharply over the last two months. The coin has stabilized and is looking to begin a steady upward rally to try and recover some of the losses. However, this bullish outlook remains very short term. Here are the facts:
FTM has lost nearly 90% in value over the last 7 weeks.
The coin is however showing signs of an instant trend reversal after 24-hour gains of around 16%.
Fantom remains below crucial DMAs, suggesting more weakness could come.
Data Source: TradingView
Fantom (FTM) – How far can it rally?
After shedding a lot of value over the last few weeks, FTM has shot up almost instantly. There are signs that the long-term downward trend is reversing, and more gains could come in the coming days. However, Fantom still remains pressured under several resistance zones.
While it is now testing $0.5, we don’t see any further upside above $0.6. Besides, FTM has managed to lift itself up quite substantially after bottoming at $0.27 in Mid-May. In fact, the coin has added nearly 50% in value from its lowest price this month. It is likely that this decisive upward run will lose momentum in the days ahead.
As such, we expect FTM to remain below $0.5 at least for another week. However, if fantom bulls can somehow pull off a miracle and smash past the $0.6 resistance, FTM could surge towards $1 by the end of the month.
Should you buy FTM?
FTM has largely underperformed the entire market. Although most major coins are down in 2022, Fantom has reported sharper declines partly due to major ecosystem news.
But this does not change the fact that Fantom remains a very decent crypto project. So, even though the prices right now are unpredictable, FTM still has so much value to offer in the longer term.
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