https://ift.tt/3pzxKY0 price analysis: Fantom to retest $2.48 resistance. Can bulls make a breakthrough?

TL;DR Breakdown

• Fantom price analysis is bullish today.
• Resistance for FTM/USD is present at $2.48.
• Support is present at $2.26.

The Fantom price analysis reveals the price has been advancing quite rapidly over the past week. The bulls have been successfully maintaining their lead, and an upward trend has been following for the cryptocurrency. A record increase in price was recorded today as well as the price is currently testing the $2.34 resistance, and the price function is expected to move slowly upwards due to the selling pressure at this stage; however, there are imminent chances for bulls to make a breakthrough towards the next resistance present at $2.48.

FTM/USD 1-day price chart: FTM retesting $2.34 at the moment

The bulls have been reigning the price chart for the past week, and the FTM/USD value has improved tremendously as a continuous rising trend has been prevailing. A rise in price has been recorded today as well, as the coin is now trading hands at $3.32 at the time of writing, gaining 6.19 percent value during the last 24 hours. If we mention the moving average (MA) indicator in the one-day price chart, then it is at the $2.02 level.

The volatility has also increased tremendously, as the Bollinger bands have expanded vastly due to the uptrend following for the past few days. The Bollinger bands’ values have shifted as well as now the upper band is at $2.42 level representing resistance for FTM, and the lower band is at $0.95. The Relative Strength Index (RSI) is trading near the overbought zone but is still neutral. However, the indicator is on an upwards curve at index 65, indicating the buying activity for FTM.

Fantom price analysis: Recent developments and further technical indications

The four hours Fantom price analysis is showing signs of an upswing as the price has improved remarkably during the day. The bullish momentum has been intensifying over the past few hours, and the price has been progressing in a steady manner. Currently, it is present at the $2.32 mark testing the resistance at 3.34, and it is expected that it will easily break through in the coming hours towards its next target of $2.48. The moving average is still at a lower level as compared to the price, i.e., at $2.02.

The Bollinger bands indicator in the 4-hour price chart maintains the average value of $2.27, which also represents support for FTM. Whereas its upper value has reached $2.42, which also represents resistance for the coin price function, and its lower value is at the $2.12 level. The RSI curve has flattened out due to the selling pressure at the current price level, but we expect the RSI score to go further up as bulls make a push through.

Fantom price analysis: conclusion

The Fantom price analysis suggests that the price is on the rise once again as the bulls have been performing quite consistently for the past few days. An uptrend has been dominating the market, and the FTM/USD value has reached the $3.32 level just recently. A similar increasing tendency has been observed in the last four hours as well, but the oscillation is slow due to the resistance present at $2.34. We expect the bulls to gain momentum again in the coming hours, but the coin may correct before breaking above $2.48.

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