Bitcoin

Fantom

The post <a href="https://coinpedia.org/price-analysis/after-160-gains-fantom-price-is-feared-to-lose-the-bullish-track-heres-where-it-may-reach/" rel="noopener noreferrer nofollow">After 160% Gains, Fantom Price is Feared to Lose the Bullish Track: Here’s Where it May Reach</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The crypto markets are consolidating as the Bitcoin price remains stuck within a narrow range. After securing the levels at $64,000, now the token is looking for a bullish close above $65,000, which could intensify the markets on the whole. Besides, some of the altcoins have outpowered the star crypto with a huge price change and Fantom is one of them. The <a href="https://coinpedia.org/price-prediction/fantom-ftm-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">FTM price</a> has been marking new yearly highs since the beginning of the month and now it appears that the token may have reached the local highs.&nbsp;
Does it suggest the FTM price could undergo a bearish pullback?
After the recent price action, the support is slowly becoming the resistance, meeting the resistance level within a rising wedge. The price hit resistance but failed to surpass it, which indicates the sell’s have been piled up at these levels. Therefore, the price is now believed to undergo a correction phase, which may extract maximum gains.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/4kl6QOpNilEm8zl_PS1N1orQNCTYPCYKyLJ2LRSjEVEmOQ_VoGQRyTmsCq7SXNo18X0wkPQ8ZTb1RYR_dLBhP2wxebxzL2XETZK4S9ax5wdAHF1DDQHpN9YQgs_LsEfMhS7ow5MXcTpwKIGqyCdt0tc" alt="">
</figure>
The above chart shows the price to be under bullish influence but the rising wedge is considered bearish. As a result, the FTM price is believed to undergo a pullback, which may drag the levels to the lower support of the wedge at $0.52, which also coincides with a pivotal support level. Besides, the RSI has also ranged to overbought levels, which substantiates the bearish claim.&nbsp;
Once the Fantom price marks the lows close to $0.5, the bulls are expected to enter with a huge buying volume. This could trigger a healthy rebound, which may elevate the levels back within the bullish range. If the bull fails to do so, then a breakdown below the wedge may accomplish the pattern, and after invalidating the rising wedge, a fresh rise could occur towards new highs above $2.

After 160% Gains, Fantom Price is Feared to Lose the Bullish Track: Here’s Where it May Reach

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