Fantom Price Analysis – FTM/USD Aims at $3.0 Resistance – Cryptovibes.com – Daily Cryptocurrency and FX News
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Fantom Price Analysis – February 9
According to the daily chart, Fantom (FTM) is currently showing signs that it is ready to recover the previous losses.
FTM/USD Market
Key Levels:
Resistance levels: $2.8, $3.0, $3.2
Support levels: $1.7, $1.5, $1.3
FTM/USD price is now hovering above the 9-day and 21-day moving averages, the technical indicator Relative Strength Index (14) suggests that FTM/USD is poised to recover all the previous losses. Therefore, if the buy orders begin to pile up, the Fantom price could rise towards the upper boundary of the channel. Meanwhile, the technical indicator predicts that a spike in resistance could push the Fantom prices to higher levels.
Fantom Price Analysis: FTM Price Could Double
The daily chart reveals that the Fantom price could double if it breaks above the crucial resistance. The Fantom (FTM) has staged a significant recovery following the crypto market’s flash crash at the beginning of this month. More so, the Fantom (FTM) may begin the upward movement if the 9-day MA crosses above the 21-day MA. The first key resistance on the upside is near the $2.5 level. The next resistance on the upside is near $2.8, $3.0, and $3.2.
However, a successful close above the resistance level of $3.2 could open the doors for a push towards the higher levels. On the downside, initial support is below the 9-day and 21-day moving average. Crossing below the lower boundary of the channel may hit the support levels of $1.7, $1.5, and $1.3.
FTM/BTC Market: FTM May Consolidates at the Downside
When compared with Bitcoin, the Fantom price is currently changing hands at 5081 SAT and, if the bulls can hold the current market value and push it above the 9-day moving average, the coin may likely cross the 21-day moving average to hit the next key resistance at 6500 SAT and above. Meanwhile, the Relative Strength Index (14) is likely to cross below 40-level, which could give way for the bearish movement.
Therefore, if the bulls fail to keep the market price above the 9-day moving average, FTM/BTC may continue its bearish movement and could see a sharp drop towards the lower boundary of the channel, and breaking this barrier could drag it to the support level of 3800 SAT and below.
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