Fantom experienced a 17% increase in value, positioning it as the leading performer in the cryptocurrency market. This surge follows a 67% rise since its drop to $0.276 on Aug. 5, driven by market crashes and liquidations.
The token’s price has jumped by 67% since its drop to $0.276 on Aug. 5, when the crypto and stock markets crashed, leading to over $1 billion in liquidations. Despite the latest price surge, FTM is still down 86.6% from its all-time high of $3.46 recorded in October 2021.
Fantom’s current price at $0.4621 positions it above the upper Bollinger Band at $0.4520. This signals a potential breakout from typical volatility levels.
The position above both the middle band at $0.3655 and the upper band suggests strong bullish sentiment in the market.
<traders are eyeing this momentum, but there are concerns about the asset becoming overbought. Despite the rise, the Relative Strength Index (RSI) stands at 61.93. An RSI over 70 typically indicates overbought conditions.
This shows strong buying momentum with room for further gains before reaching overbought territory. However, rapid changes could lead to a quick retracement if the price adjusts back into the normal Bollinger Band range.
