The cryptocurrency market has generally performed well over the past week. The prices of different cryptocurrencies have skyrocketed in recent days, and FTM is among the tokens making significant gains.
ghost (MTF/USD) was trading at $1.94 at the time of writing. The token has soared around 23% over the last week.
Fantom still winning after a slight correction
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The price of FTM has been on a bullish streak for the past 24 hours. On Wednesday, FTM positioned itself as one of the biggest gainers in the cryptocurrency market and managed to hit $2.07 within a few hours. A slight correction has occurred, hence the drop to current levels.
FTM bulls show signs of continuation; therefore, the token could soon test new highs. The $2 resistance level will be tested once again. However, the current uptrend is being triggered by buyer pressure, which could weaken if the broader market fails to recapture the uptrend that started on Wednesday.
If FTM breaks above $2, the next target will be $2.30. This will bring the token back to the levels created at the beginning of last month. The slight declines in FTM prices over the past month indicate that the bulls have not been cleared yet, forming the basis for a strong bullish rally if market support kicks in.
The market has not yet formed a bull flag
The entire cryptocurrency market rallied on Wednesday, but this did not create a strong bull flag. This week's surge in buyer activity could be triggered by buyers who booked profits when prices fell last Thursday.
If the FTM trend reverses and the token returns to previous lows, it will test the lower support at $1.78. Further declines below $1.50 are also possible if short-term traders who bought during Wednesday's uptrend decide to sell. Furthermore, the cryptocurrency market is still showing signs of high volatility. The looming regulations amid the crisis between Russia and Ukraine have created tensions that have resulted in massive liquidations. Due to these fears, FTM and other cryptocurrencies could fall to previous lows.
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