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TA- Fantom Shows Strength – Eyes $0.70

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Ta- Fantom Shows Strength - Eyes $0.70
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The price of Fantom (FTM) shows strength and could be set for a major run against Tether (USDT) with eyes set on $0.7. 

Bitcoin’s (BTC) price saw a bounce from $23,000 to $24,800 as the favorable news from the consumer price Index (CPI) saw a good response across the boards in the crypto market. As a consequence, the price of Fantom was able to try and break out of its range.

The consumer price Index provides a gauge with regard to inflation in the economy while instigating BTC prices and other altcoins. (Data feeds from Binance)

Price Analysis Of FTM On The Weekly Chart

Weekly FTM Price Chart | Source: FTMUSDT On Tradingview.com

From the chart, the price of FTM saw a weekly low of around $0.2, which bounced from that area and rallied to a price of $0.4.

The price has built more momentum as it faces resistance at $0.4.

If the price of FTM on the weekly chart continues with this bullish structure, it could quickly revisit  $0.7.

Weekly resistance for the price of FTM – $0.4.

Weekly support for the price of FTM – $0.2.

Price Analysis Of FTM On The Daily (1D) Chart

1660237938 963 Ta Fantom Shows Strength Eyes 070
Daily FTM Price Chart | Source: FTMUSDT On Tradingview.com

The price of FTM found strong support at around $0.2, with what seems to be an area of interest on the daily chart.

FTM bounced from its support and rallied as it faces resistance to break above a ranging channel and has continued to move in range.

At the time of writing, the price of FTM is at $0.39, above the 50 exponential moving average with a price at $0.33 trying to break above a ranging channel to the upside.

FTM is facing a resistance of $0.4 to break the channel, If the price of FTM breaks above the $0.4 resistance with good volume the price of FTM could rally to a high of $0.7.

The RSI for the price of FTM on the daily chart is above 65, indicating healthy buy bids for FTM.

The volume for FTM indicates buy bids, this shows bulls would want to push the price higher.

Daily (1D) resistance for FTM price – $0.4.

Daily (1D) support for FTM price – $0.33, $0.3.

Price Analysis OF FTM On The Four-Hourly (4H) Chart

1660237938 248 Ta Fantom Shows Strength Eyes 070
Four-Hourly FTM Price Chart | Source: FTMUSDT On Tradingview.com

The price of FTM has continued to maintain its bullish structure despite facing resistance at $0.4 trying to break out of a ranging channel.

FTM is trading above the 50 and 200 EMA with prices of $0.372 and $0.33 acting as its support on the 4H chart, as the price faces resistance at $0.4.

If the price of FTM breaks above the channel with a good volume we could see prices trending to $0.7, In case FTM is unable to break and experience a sell-off, 50 and 200 EMA prices would act as support for FTM prices.

Four-Hourly (4H) resistance for FTM price – $0.4.

Four-Hourly (4h) support for FTM price – $0.372, $0.33.

Featured image from zipmex, Charts from TradingView.com 
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Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead?

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Fantom (FTM) bounces back with a 5% rally in over 24 hours after it hit a massive low yesterday. On-chain metrics hint at a bull run. Still, buyers are still advised to be extra cautious.

  • FTM rallied 5% in the past 24 hours
  • Fantom’s on-chain metrics hinting a bullish movement
  • FTM experiencing strong selling pressure

FTM bulls are still trying to push through the resistance. Evidently, the downward movement in the past couple of weeks highlights that the lower timeframe is generally bearish.

Fantom Down Since August

Judging by the 12-hour chart, FTM is seen to spiral downward which has been in progress since August when Fantom breached below $0.38 as it retests the $0.33 resistance zone and key support at $0.286.

A higher timeframe range was also spotted on the charts from $0.31 to $.53. Notably, the $0.412 range has been the resistance and support level as seen since May.

Chart: TradingView.com

The two-hour chart for FTM reveals that another range may be formed. One was able to reach the range of $0.242 to 0.217.

According to CoinMarketCap, FTM price has slumped by 5.41% or trading at $0.2221 as of this writing.

While there is a possibility of a breach, the positioning of FTM sets it for a downtrend, especially with the increase in selling opportunities.

FTM RSI At 64, Hinting At A Bullish Movement

The crypto’s relative strength index peaking at 64 shows an obvious bullish movement with the OBV moving sideways as seen in the past week. With that in mind, even with FTM bouncing back from its low, both the price action and OBV aren’t hinting at any breakout at this point.

The resistance zone which worked as the key support in September could make significant strides again in the next couple of hours.

While buying FTM is a tempting feat it will only be an advantage when you do so under certain circumstances like a bullish market. However, Fantom is not shooting for a long-term range and is in fact even leaning towards a long-term downtrend.

A low-risk short may be apparent in the $0.244 range. An hourly session that closes above the $0. 251 zone will invalidate the bearish momentum. The bearish targets are spotted right at the middle of the range and include their lows.

Fantom Surprises With 5 Rally In Last 24 Hours –

FTMUSD pair trading at $0.2245 on the daily chart | Source: TradingView.com

Featured image from Zipmex, Chart: TradingView.com

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French Authorities Grant Crypto.com Regulatory License to Offer Services

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Cyprus Securities And Exchange Commission (Cysec) Grants Regulatory Approval To Crypto.com
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