Fantom price maintains an uptrend but remains under a bearish influence: what next?


Long before the Bitcoin halving, crypto markets were sluggish and there wasn't much variation. A slight decline in BTC price has forced the other tokens to remain largely silent, but some of them have managed to maintain an uptrend, including the Fantom price (FTM). The token traded in an elevated range after initiating a rally, but before reaching the average range, the bears appear to have become alert.

FTM price has maintained its trading within a rising parallel channel while the recent upward push was expected to push levels above key resistance. These resistance levels were expected to provide a strong base at the channel average that could have triggered a new uptrend. However, the bulls will have to wait a while to overcome the key resistance as the bears may send the token back towards support.

As can be seen in the chart above, FTM price maintains an uptrend in the long term, but to stay in the same range, a pullback seems mandatory. Furthermore, the technicals also suggest a similar price movement as the RSI shows a bearish divergence while the DMI, which had previously recovered, is heading towards a bearish crossover again. This suggests that FTM price could experience a slight decline that could initiate a new uptrend back towards $1.21 initially.

What can we expect from FTM price in the long term?

In the long term, the token appears to have risen despite the bearish influence and therefore the trend could remain bullish. If the price breaks past the yearly highs of $1.21, it could set the path to initially set new yearly highs above $1.6 and later attempt to reach $2 if the bulls move above $1 .8 US dollars. If they keep Fantom (FTM) price above earnings, there could be a healthy bounce for the rest of 2024.