FTM/USD Breaks Out; Aims for Recent Highs – Cryptovibes.com – Daily Cryptocurrency and FX News
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Fantom Price Analysis – January 8
The Fantom price is trading below the 9-day moving average, a breakout above this barrier could trigger a rapid increase.
FTM/USD Market
Key Levels:
Resistance levels: $3.1, $3.3, $3.5
Support levels: $2.1, $1.9, $1.7
FTM/USD is now resuming the bullish continuation as the buyers gain control of the market today after touching the support level of $2.5. The 2.55% surge in volatility is leveling up the trading price to touch the resistance level of $2.8. However, the Fantom price is seen trading below the 9-day MA but above the 21-day moving average.
Fantom Price Analysis: Fantom Price May Move Sideways
As reveals on the daily chart, the Fantom price is now trying to increase since the European session. Therefore, traders may see more climbs in the next few positive directions if the coin crosses above the upper boundary of the channel to hit the resistance levels of $3.1, $3.3, and $3.5 respectively. On the downside, the 9-day MA is still above the 21-day MA and once it comes below each other, the market may start going down.
In the meantime, if the Fantom price drops below the current market level, the $2.2 support level may come to play as the coin may further test the $2.1, $1.9, and $1.7. According to the technical indicator Relative Strength Index (14), the signal is moving above 60-level which could determine the next direction that Fantom may follow.
FTM/BTC Market: Price Stays Above Moving Averages
Against Bitcoin, Fantom (FTM) has been moving upward as the market price trades at 6351 SAT. The Fantom price is now contained within the channel as traders expect the bulls to hopefully push the market higher but at the time of writing, the Relative Strength Index (14) moves within the overbought region.
However, if the bulls push the price below the 9-day moving average, traders can expect nearest support at 5800 SAT. Below this, lower support lies at 5500 SAT and below. On the contrary, if the buyers push the market above the upper boundary of the channel, the coin may hit the potential resistance at 7200 SAT and above.
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