Fantom (FTM) bounces again with a 5% rally in over 24 hours after it hit a large low yesterday. On-chain metrics trace at a bull run. Nonetheless, patrons are nonetheless suggested to be further cautious.
- FTM rallied 5% up 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 up to now couple of weeks highlights that the decrease timeframe is mostly 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 help 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 help stage as seen since Could.
Chart: TradingView.com
The 2-hour chart for FTM reveals that one other vary could also be fashioned. One was in a position to attain the vary of $0.242 to 0.217.
In response to CoinMarketCap, FTM value has slumped by 5.41% or buying and selling at $0.2221 as of this writing.
Whereas there’s a chance 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 energy index peaking at 64 exhibits an apparent bullish motion with the OBV transferring sideways as seen up 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 help in September might make vital strides once more within the subsequent couple of hours.
Whereas shopping for FTM is a tempting feat it should solely be a bonus whenever you accomplish that beneath sure circumstances like a bullish market. Nevertheless, Fantom will not be taking pictures for a long-term vary and is in truth even leaning in direction of a long-term downtrend.
A low-risk brief 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 embrace their lows.
FTMUSD pair buying and selling at $0.2245 on the every day chart | Supply: TradingView.com Featured picture from Zipmex, Chart: TradingView.com
