FTM/USD Soars High as Price May Hit $2.2 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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Fantom Price Analysis – December 24
The Fantom price is seen following the bullish movement since a couple of days ago as the coin continues to form bullish candles.
FTM/USD Market
Key Levels:
Resistance levels: $2.4, $2.6, $2.8
Support levels: $1.6, $1.4, $1.2
At the time of writing, FTM/USD is maintaining a bullish movement above the 9-day and 21-day moving averages as the coin crosses above the upper boundary of the channel. Today, the Fantom price started a rise above the $1.86 resistance level to gain more than 7.87% touching the daily high of $2.09 resistance level.
Fantom Price Analysis: Fantom (FTM) Ready To Create A New High
As the daily chart reveals, the Fantom price continues to move with a bullish movement and this could take the current market movement to the potential resistance levels of $2.4, $2.6, and $2.8 respectively. Moreover, the current daily chart also shows that the price is pulling back slowly and traders can expect close support at $2.0, where the price traded a few days ago.
Therefore, the support levels of $1.6, $1.4, and $1.2 may likely come into play if the price falls below the 9-day and 21-day moving averages. However, regardless of the above analysis, the Fantom market is still looking bullish and the technical indicator, the Relative Strength Index (14) is still aiming at the overbought region to confirm the current positive movement in the market.
FTM/BTC Market: The Price Aims at the Upside
When compares with Bitcoin, the Fantom price is seen hovering at the upside, although the price action has remained focus above the 9-day and 21-day moving averages. However, if the current market value crosses above the upper boundary of the channel, the buying pressure may continue and the FTM price variation may change the trend of the market. For now, the technical indicator Relative Strength Index (14) is likely to cross into the overbought region which may cause the market to create higher levels.
However, as the price ready to break above the upper boundary of the channel, traders can expect close resistance at the 4300 SAT before breaking to the potential resistance level of 4600 SAT and above. Moreover, if the bears step in and validate a break below 3800 SAT; we can then confirm a downtrend for the market and the closest support level may be located at 3300 SAT and below.
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