Nicely forward of the Bitcoin halving, the crypto markets have turned sluggish with not many variations. A slight pullback within the BTC worth has compelled the opposite tokens to stay largely nonetheless however a few of them have managed to take care of a bullish streak, together with the Fantom (FTM) worth. The token has been buying and selling inside an elevated vary after initiating a rebound however earlier than reaching the common vary, the bears seem to have turn out to be vigilant.
The FTM worth has maintained its commerce inside a rising parallel channel, whereas the newest bullish push was anticipated to raise the degrees past the important thing resistance. These resistance ranges on the common of the channel have been anticipated to supply a robust base that might have triggered a contemporary bullish upswing. Nevertheless, the bulls have to attend for some extra time to surpass the important thing resistance, because the bears might ship the token again in direction of the assist.
As seen within the above chart, the FTM worth in the long run maintains an ascending development, however to proceed inside the identical vary, a pullback seems to be necessary. Moreover, the technicals additionally counsel an analogous worth motion, because the RSI has displayed a bearish divergence whereas the DMI, which had rebounded earlier, is heading again to endure a bearish crossover. This implies the FTM worth might expertise a slight pullback, which can provoke a contemporary bullish spell again in direction of $1.21 initially.
What can we anticipate from the FTM worth in the long run?
In the long run, the token seems to have risen over the bearish affect, and therefore the development might stay bullish. With the value surpassing the yearly highs at $1.21, it might set forth a path to type new yearly highs above $1.6 initially and later attempt to attain $2, if the bulls settle above $1.8. In the event that they maintain the Fantom (FTM) worth above the features, then it might keep a wholesome upswing for the remainder of 2024.