After yesterday’s massive drop, Fantom (FTM), rallies with a 5% gain in just 24 hours. Bull run is indicated by on-chain indicators. Buyers are advised to remain cautious.
- FTM rose 5% during the past 24 hour
- Fantom’s on-chain metrics hinting a bullish movement
- FTM is under intense selling pressure
FTM bulls continue to attempt to break through resistance. Evidently, bearish tendencies are evident in the recent downward movements.
Fantom Down since August
FTM’s 12-hour chart shows that FTM has spiraled downward since August. Fantom was below $0.38 when Fantom crossed the threshold of $0.33. FTM now retests the $0.33 resistance area and the key support at $0.286.
The charts also revealed a wider timeframe, ranging from $0.31 to $1.53. Noticeably, $0.412 has been the support and resistance level since May.
Chart: TradingView.com
FTM may have another range, as shown by the FTM two-hour chart. One reached the range between $0.242 and 0.217.
According to CoinMarketCapFTM Price has fallen by 5.41% and is currently trading at $0.2221.
Although there may be a breach, FTM is positioning itself for a downward trend, particularly with increased selling opportunities.
FTM RSI At 64, Hinting At A Bullish Movement
The crypto’s relative strength index peaking at 64 shows an obvious bullish movement with the OBV moving sideways as seen in the past week. With that in mind, even with FTM bouncing back from its low, both the price action and OBV aren’t hinting at any breakout at this point.
Within the next few hours, it is possible that the resistance zone used as a key support for September might make substantial progress again.
Although buying FTM may seem like an appealing feat, it is only possible under certain conditions such as a bullish stock market. Fantom does not intend to be in a long term range. In fact, he is even looking towards a longer-term downtrend.
The $0.244 to $0.344 price range may indicate a low-risk short. A session ending above $0.244 will invalidate the bearish momentum. The bearish momentum will be invalidated if the hourly session closes above $0. These targets, which are bearish in nature, can be identified right in the middle and contain their lows.
FTMUSD Pair Trading at $0.2245 On the Daily Chart | Source: TradingView.com Image featured from Zipmex. Chart by TradingView.com