Fantom is now the best-performing cryptocurrency in the market, with a 17% increase in value.
Fantom Fantom ftm 13.37%
On the morning of August 22, Fantom, a blockchain platform designed for decentralized finance applications, saw a 17% increase in value, trading at $0.461 per price, according to statistics from crypto.news. The cryptocurrency asset had a more than twofold increase in daily trading volume from the previous day, averaging $284 million. Its market capitalization was $1.29 billion, placing it 62nd out of the top cryptocurrencies.
Since the token's price plummeted to $0.276 on August 5, when the stock and cryptocurrency markets fell and forced over $1 billion in liquidations, it has increased by 67%.
At $0.4621, Fantom is currently trading above the upper Bollinger Band at $0.4520, indicating a possible breakout from average volatility levels. This position, which is above both the upper band and the middle band at $0.3655, points to an atypical rising momentum in the market and a strong optimistic attitude.
Although the Relative Strength Index, at 61.93, is elevated, it does not categorically classify the asset as overbought, which would normally be indicated by an RSI over 70. This is concerning because the FTM price surpasses the upper Bollinger Band. This implies that even if there is a lot of purchasing momentum, there can be more upward movement left in the asset before it reaches possibly overbought area.
The scenario suggests that the market may have responded favorably to external factors, pushing the price above typical resistance levels but not to the point where overbuying has caused a reversal. Traders hoping to profit from the momentum may get more interested in this, which might drive the price higher in the near future.
But traders also need to be wary of sudden movements that can cause a sharp pullback in the event that the price returns to the Bollinger Bands' typical range.