Fantom’s price (FTM), which is showing strength, could set the stage for an aggressive run against Tether ($USDT), with eyes on $0.7.
Bitcoin’s (BTC) price saw a bounce from $23,000 to $24,800 as the favorable news from the consumer price Index (CPI) saw a good response across the boards in the crypto market. Fantom’s price was therefore able to break from its range.
The Consumer Price Index Provides an indicator of inflation and instigates BTC prices or other altcoins.Data feeds for Binance
FTM on The Weekly Chart: Price Analysis
You can see that FTM had a low price for the week of $0.2. It bounced off this area, and rose to $0.4.
It faces resistance at $0.4. This has given the price more momentum.
If the price of FTM on the weekly chart continues with this bullish structure, it could quickly revisit $0.7.
Weekly resistance for the price of FTM – $0.4.
Weekly support for the price of FTM – $0.2.
FTM on The Daily (Daily) Price Analysis Chart
FTM saw strong support near $0.2, which seems to indicate an area of interest in the daily chart.
FTM bounced back from support, rallied when it faced resistance to break through a ranging channel, and continued to move within its range.
FTM’s price is $0.39 at the time this article was written. This price is above the 50-exponential moving average. FTM also has a $0.33 price that tries to surpass a ranging channel on the upside.
FTM has to overcome a $0.4 resistance to break its channel. FTM can rally to $0.7 if it breaks the $0.4 resistance.
The RSI value for FTM’s price on the daily charts is higher than 65. That indicates healthy FTM buy bids.
FTM Volume indicates Buy Bids. Bulls will want to push it higher.
Daily (1D) resistance for FTM price – $0.4.
Daily (1D) support for FTM price – $0.33, $0.3.
Pricing Analysis of FTM on the Four-Hourly Chart (4H)
FTM’s price has maintained its bullish structure, despite resistance at $0.4 that was trying to force it out of a range channel.
FTM trades above the 50/200 EMA, with $0.372 and $0.33 serving as support for the 4H charts. Resistance is at $0.4.
FTM’s price could rise to $0.7 if its channel volume is high. In the event that FTM fails to break, the 50- and 200 EMA levels would provide support.
Four-Hourly (4H) resistance for FTM price – $0.4.
Four-Hourly (4h) support for FTM price – $0.372, $0.33.
Featured image taken from zimex. Charts from TradingView.com