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Fantom (FTM) is still bullish as the crypto market slightly correctly

By:
on Mar 3, 2022
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  • Fantom (FTM) has gained by 23% during the past week.
  • The token recovered after the broader market rallied slightly on Wednesday.
  • If FTM rallies past $2 again, it will set the next target at $2.30.

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The broader cryptocurrency market has been performing well over the past week. The prices of different cryptocurrencies have soared within the past few days, and FTM is among the tokens making significant gains.

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Fantom (FTM/USD) was trading at $1.94 at the time of writing. The token has soared by around 23% over the past week.

Fantom is still gaining after a slight correction

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The price of FTM has been on a bullish streak during the past 24 hours. On Wednesday, FTM stood as one of the largest gainers across the cryptocurrency market, and it managed to reach $2.07 within a few hours. A slight correction has happened, hence the slump to the current levels.

FTM bulls show signs of continuation; hence the token could soon test new highs. The $2 resistance level will be tested once again. However, the current uptrend is being ignited by buyer pressure, which could weaken if the broader market fails to pick up the uptrend that was started on Wednesday.

If FTM pushes past $2, the next target will be $2.30. This will take the token back to the levels created earlier last month. The slight slumps in FTM’s prices over the past month indicate that bulls are yet to dispose of, forming the basis for a strong bullish rally if the market support kicks in.

The market is yet to form a bullish flag

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The entire cryptocurrency market rallied on Wednesday, but this did not create a strong bullish flag. This week’s increased buyer activity could be triggered by dip buyers that booked profits when the prices dipped last Thursday.

If FTM’s trend reverses and the token goes back to previous lows, it will test the lower support at $1.78. Further dips below $1.50 are also possible if the short-term traders that bought during the Wednesday uptrend decide to sell. Moreover, the cryptocurrency market is still showing signs of high volatility. The looming regulations amid the Russia-Ukraine crisis have created tensions resulting in massive liquidations. Due to these fears, FTM and other cryptocurrencies could dip to previous lows.

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