- FTM is Price Breaks Through Resistance Level.
- FTM traders may look to take profit which could push the price of FTM down.
- The bearish thesis will be invalidated if FTM can close the current 4-hour candle above the 9 EMA line.
Fantom (FTM), has broken through and flipped a resistance level as its price may look to target between $0.29 and $0.31.
In the last 24 hours, Fantom (FTM) has risen 0.89% in price according to CoinMarketCap. This takes its price up to around $0.2584 at the time of writing.
Looking at the 4-hour chart for FTM/USDT, the price of Fantom (FTM) is in an ascending price channel as its price has posted higher lows over the last 2-3 days. The channel has seen the price of FTM rise from $0.2379 to its current level at the time of writing, which is a 2.05% increase so far.
Given the upwards move, the price of FTM may break out below the price channel with potential take-profit orders entering the market. The price has dipped to the support level between the 2 Exponential Moving Average (EMA) lines and has also dropped below the 9 EMA line.
In addition to the drop in price over the last 4-8 hours, the Relative Strength Index (RSI) has also nose-dived to just below the RSI SMA line, which is a notable bearish flag.
If the current support level that is being tested by FTM’s price is unable to hold, then FTM’s price may drop as low as $0.2524 – a price level below the 20 EMA line as well.
However, if FTM can recover in price on the 4-hour chart and close above the 9 EMA line then the bearish thesis will be invalidated. Investors and traders still need to be cautious as a large amount of sell volume has entered the market in the last couple of hours as traders and investors look to take profit.
Disclaimer: All For Information Purposes Only And Not To Be Considered As Investment Advice You should do your own research before making an investment decision. Cryptotintuc is not a financial advisor and will not accept any responsibility in connection with your investment.
Cryptotintuc
Source: Coinquora
