- Fantom surged 23% within the past week.
- The coin recovered as the broad market rose briefly on Wednesday.
- A climb past $2 will see the altcoin targeting $2.30.
The broad crypto market recovered lucrative performance within the previous week. Most cryptos saw price hikes over the last few days, and Fantom (FTM) is one of the tokens recording impressive gains. While publishing this content, FTM/USD changed hands near $1.94. Moreover, the alternative coin surged nearly 23% within the previous week.
Fantom Price Gains Following Slight Correction
FTM price recorded bullish moves within the previous 24 hours. It was among the top performers in the crypto space on Wednesday. Meanwhile, the altcoin hit the $2.07 value level within a few hours. However, FTM saw slight retracement, slumping to its current price zone.
Nevertheless, bulls seem ready to continue the upside journey. That way, FTM might touch a new peak soon. Such development will see the currency testing the resistance at $2 again. Nevertheless, the current upside trend receives support from buying momentum, which might weaken if the broad market fails to continue the bullish wave that began on Wednesday.
FTM pushing past $2 will expose the next target at $2.30. That will see the altcoin reclaiming price levels formed early last month. Meanwhile, bulls seem strong after the slight price drop, and the altcoin may print a base for a massive bullish rally amid market support.
The Market Yet to Print Bullish Flag
The overall crypto market saw rallies on Wednesday. However, the marketplace could not print a massive bullish flag. Increase buying activity this week might come from dip-buyers who took profits amid price plummets last Thursday.
Meanwhile, FTM reversing trends to its previous lows might see the token testing the bottom support near $1.78. Further downward moves beneath $1.50 appear possible whenever near-term investors who purchased amid Wednesday’s upswing resolve to sell.
Also, the crypto market exhibits high volatility signs. The impending regulations amid the Russia-Ukraine conflict created tensions, leading to massive liquidations. Such fears may see FTM and other digital coins dipping towards previous lows.
You can share your opinions in the comment area below.
Editorial credit: Ira Lichi / shutterstock.com