FTM reports a 9.5 percent gain, as bullish momentum takes the price to $2.14
TL;DR Breakdown
- The Fantom price analysis is bullish for today.
- The nearest support is present at $2.14.
- Next, resistance is present at $2.3.
The Fantom price analysis shows price movement in the upward direction. FTM bulls have taken the price to $2.14 today. After hitting the all-time high at $2.34 on 11th October, the price reverted back to as low as $1.9, but from yesterday bulls have again taken over the price function, and a significant improvement has been observed. The next resistance for FTM/USD is just below the ATH at $2.3. However, the support of $2.14 seems strong enough to help maintain the price levels.
FTM/USD 1-day price chart: FTM stable at $2.14
The 1-day price chart for Fantom price analysis shows the bulls are still dominating the market as the price is on the increase from yesterday. As the FTM/USD pair is trading at $2.14, the crypto pair has gained a value of 9.5 percent over the last 24 hours, and the cryptocurrency is up by almost two percent over the course of the last seven days. The trading volume also shows an increase of nearly 11 percent, resulting in a market dominance of 0.22 percent. The market cap is also up by more than nine percent.
The volatility is high for FTM/USD pair as the Bollinger bands started converging sharply on 6th October and now show an upwards breakout, as both the upper and the lower limit of the indicator are on an upwards slope. This is a positive sign for the cryptocurrency to remain in the higher price envelope in the coming days.
The relative strength index (RSI) is moving on a straight horizontal line in the upper half of the neutral zone at a healthy score of 63 but shows no significant change in the current buying level.
Fantom price analysis: Recent developments and further technical indications
The 4-hour price chart for Fantom price analysis shows, the price breakup was downwards at the start of today’s session, but bulls swiftly took over the market and reversed the trend by taking the price up. The price is trading near the upper Bollinger band, which now represents resistance for the FTM price, but it looks like FTM bulls will soon conquer this resistance mark at $2.16.
The volatility is low on the 4-hour chart as the Bollinger bands have taken the shape of a narrow channel from 11th October after steep convergence, and the channel got more narrower on 15th October, further limiting the volatility. The upper Bollinger band at $2.16 may soon convert in support for FTM/USD as indications are there for the bullish crossover. The supporting factor for the possible up move is the RSI taking an upwards slope, which is becoming steeper with time.
The moving average is trading below the price level at $2, complementing the bullish trend. The moving and the exponential moving averages along with the MACD oscillator indicator are showing bullish signs by giving buy signals for FTM/USD. Overall, 15 technical indicators show buy signals, and only one technical indicator is showing sell signal, which happens to be none other than the Momentum oscillator. However, 10 technical indicators stand neutral and don’t favor any side of the market, mainly including oscillators, out of a total of 26 technical indicators.
Fantom price analysis: Conclusion
The Fantom price analysis suggests there are chances for more price improvement in the coming hours as the RSI on the 4-hour chart is showing increasing buying activity recently. Traders can expect the price to go as high as $2.3 if the support remains intact for FTM/USD.
Source:cryptopolitan.com
