- Fantom coin is looking totally sideways for a long-term investing purpose.
- As per the weekly price candle, the bulls managed to push the price higher this week with a 6.3% gain.
- The FTM/BTC pair is trading with a slight decrease of 1% at 0.0000127 Satoshis.
Fantom Coin was performing poorly since early 2022. FTM coin has already displayed a double bottom formation near its 52 week high. Most of the altcoins have lost over 90% from their 52-week highs due to the market leader crash.
For the past few weeks, FTM price was showing above the 2022 lows while below the trend line. The recent asset price breach has given a bearish barrier (bottom in chart) and is seen well above it when trading at the $0.274 level at the time of writing.
FTM coin today is showing a retracement phase after forming a 10-day high at $0.2933. Buyers have resistance near the $0.30 mark; On the other hand, the $00.20 level is a perfect example of a hedge zone for the bulls.
Weekly price candle in the next week at 6.5% high. Therefore, the market cap approached $700 million with an increase of 3.7% in the last 24 hours. Also, the FTM/BTC pair is trading with a slight decline of 1% at 0.0000127 Satoshis.
How buyers push FTM coin higher?
In terms of the daily price chart, the technical indicator bias looks slightly bullish for a short-term perspective.
As the RSI indicator reached its halfway line twice in the past few days, bulls need valid confirmation above the 50 mark. Any downside in the RSI could favor further bearish momentum.
Similarly, MACD is about to move above the neutral zone after a bullish crossover. Both the moving lines of the given indicator show a steep climb hence breakout is likely.
conclusio
The bears are once again trying to dominate the $0.30 resistance level on the Fantom coin. Buyers need to take a stand here and manage the FTM coin above the previous swing low. Otherwise the price may drop.
Technical Levels
Resistance level- $0.50 and $1.0
Support level- $0.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
