In recent weeks, the trading price of Fantom (FTM) has continued to experience a pump. It seems that after forming a strong rally, the bulls have started to lose their buying power.
As the bulls are now losing their steam, they are finding it difficult to sustain strong pressure coming in from the bearish territory.
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Bulls finding it Difficult to Move Past $0.41
The bulls were strong enough to push the trading price of FTM all the way up to $0.41. However, they have not been able to push the trading price of FTM over a particular level.
Even now, the bulls are finding it hard to break through the strong defenses laid by the bears at the particular level.
With the price of FTM struggling to make it past the $0.41, multiple speculations have started coming in. It is speculated that the trading price of FTM may soon experience a pullback.
It means that the selling power of the bears may increase over time while the bulls may lose their buying power entirely. If that happens, then it is highly likely that a bearish trend will be formed.
That would see the trading price of the asset move in the bearish zone even more. However, there is a bright side to these speculations.
The Bullish Trend May Continue
There is a positive side to the downtrend that the analysts are expecting. According to the analysts, it is only natural that the bulls have lost their buying energy.
Therefore, they will need to recapture their lost energy and until that happens, the bears will be able to run the show. They will have the opportunity of doing whatever they feel pleased to do.
Throughout this period, the bulls will be busy catching their breath and getting ready for another strong push.
The analysts are confident that given the current circumstances, it is obvious that the trading price of FTM will move higher.
In that case, FTM will be able to cross the $0.41 barrier with quite ease and look forward to hitting higher trading/resistance levels.
FTM’s Performance Since the Start of 2023
FTM is known for being the native token that is issued through the Fantom network. It has been developed as a smart contract platform, which is to rival the likes of the Ethereum network.
As Ethereum is the largest blockchain network, most of the new blockchain projects look forward to competing with Ethereum to gain popularity.
It could be considered a public stunt to an extent by the new blockchain networks as they challenge the Ethereum blockchain.
Like the rest of the cryptocurrencies, the trading price of FTM started to move upward as the year 2023 began.
However, the past 7-day data shows that initially, the growth rate slowed down for the FTM token, followed by a reversal.
As of now, FTM is stuck at around $0.41, which indicates that the trading price of the asset is struggling.
Why the Dip Before the Surge?
It is important to understand that FTM was mainly bearish prior to the recent rallies. Its price only rose higher as the prices of all the cryptocurrencies rose in the crypto industry.
This could mean that the investors only invested in it for the sake of generating gains in the short term. This is where the real test begins for the asset, where it has to prove whether it is lucky or has its own potential.
It is highly likely that the bulls may soon lose their appetite, which is when the trend will become bearish again. This would be the time when the price of FTM will be tested.
FTM is already outside and way above the downward resistance line. This is a good sign for FTM, as it promises an upward movement for the asset in the future.
With the price of FTM dipping, the bulls will need to jump in and form a rebound. If a rebound is formed, then it will be FTM’s own potential against all the odds.
This could help push FTM’s price higher in the upcoming days. If things keep going in the right direction, FTM’s price may get pushed up to $1.20.