Fantom (FTM) bounces again with a 5% rally in over 24 hours after it hit an enormous low yesterday. On-chain metrics trace at a bull run. Nonetheless, consumers are nonetheless suggested to be additional cautious.
- FTM rallied 5% prior to now 24 hours
- Fantom’s on-chain metrics hinting a bullish motion
- FTM experiencing robust promoting strain
FTM bulls are nonetheless attempting to push by means of the resistance. Evidently, the downward motion prior to now couple of weeks highlights that the decrease timeframe is usually 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 beneath $0.38 because it retests the $0.33 resistance zone and key assist at $0.286.
A better timeframe vary was additionally noticed on the charts from $0.31 to $.53. Notably, the $0.412 vary has been the resistance and assist stage as seen since Might.
The 2-hour chart for FTM reveals that one other vary could also be shaped. One was in a position to attain the vary of $0.242 to 0.217.
In line with CoinMarketCap, FTM value has slumped by 5.41% or buying and selling at $0.2221 as of this writing.
Whereas there’s a risk of a breach, the positioning of FTM units it for a downtrend, particularly with the rise in promoting alternatives.
FTM RSI At 64, Hinting At A Bullish Motion
The crypto’s relative power index peaking at 64 reveals an apparent bullish motion with the OBV transferring sideways as seen prior to now week. With that in thoughts, even with FTM bouncing again from its low, each the value motion and OBV aren’t hinting at any breakout at this level.
The resistance zone which labored as the important thing assist in September may make important strides once more within the subsequent couple of hours.
Whereas shopping for FTM is a tempting feat it is going to solely be a bonus whenever you accomplish that underneath sure circumstances like a bullish market. Nevertheless, Fantom will not be capturing for a long-term vary and is in truth even leaning in the direction of a long-term downtrend.
A low-risk quick could also be obvious within the $0.244 vary. An hourly session that closes above the $0. 251 zone will invalidate the bearish momentum. The bearish targets are noticed proper on the center of the vary and embody their lows.
FTMUSD pair buying and selling at $0.2245 on the each day chart | Supply: TradingView.com Featured picture from Zipmex, Chart: TradingView.com