Fantom (FTM) Price Overpowered the Recent Selling Pressure and Steadied above the 20-day EMA

Fantom price has risen in the recent sessions after taking a strong bounce from the $0.40 level. As of now, FTM has hovered close to $0.53, rising 13% a week.

Fantom (FTM) price rose 13% in a week, bouncing from $0.40 to around $0.53, as observed on Monday. Despite a rejection from the 20-day EMA, a 15% increase in Open Interest (from $94 Miliion to $108 Million) and an 8% daily rise in transaction volume ($116.49 Million) was witnessed. This indicates a strong buyer presence.

However, a look at the daily chart highlights how Fantom has been in a correction phase since mid-March. The recent sessions showed a bounce from the lower boundary of the falling wedge pattern. The price bounced back from the $0.4 demand zone and surpassed the 20-day EMA, reflecting buyers’ presence.

The bulls need to overcome more hurdles to regain control over the trend with a bullish reversal. On the higher side, the 200-day EMA and $0.64 level may act as a strong hurdle.

Now, if the price records a sustained growth above the $0.64 level, it may validate a bullish reversal and mark the end of a correction phase. If the selling pressure exceeds, FTM may plummet to the $0.40 mark or lower.

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