- Fantom coin reflects bullish momentum after recovering its cost from the $1.75 vital level.
- Fantom coin’s market capitalization increased by 19.14% due to a 35.9% volume increase in the last 24-hours.
- BTC pair with FTM seems to have bullish momentum by 10.22% at 0.00006429 BTC.
Investors began taking advantage of the favorable profit booking as the price reached an all-time high. FMT Coin gradually fell from there, eventually halting above the $1.24 barrier. Buyers were interested in buying at this level, therefore Coin damaged it and re-evaluated the ATH zone by indicating a rising wedge chart pattern. The market activity of the FTM Coin in the 4 hour time frame displays a Double Bottom formation after breaching the previous rising wedge pattern. Coin is reaching the neckline of the breakout chart pattern at the time of writing.
Today, Fantom coin indicates a tremendous bullish momentum by 19.24% at $2.36, while over the past 24-hours, trading volume inclined by 25.8% at $2.18 billion. However, FTM price with Bitcoin pair jumped upwards by 10.22% at 0.00006429 BTC as well as FTM/ETH pair price is following a bullish trend too by 11.57% at 0.0009735 ETH. Although Fantom coin has 0.36% market dominance in the entire cryptocurrency industry along with volume to market capitalization ratio is 0.3661.
The Price Action of FTM Coin Represents Double Bottom Formation
According to significant moving averages, FTM coin is retesting 100 SMA line (green), bears attempted to reach asset’s price near 200 SMA but failed and coin rebounded from $1.75 key base. 20 MA (yellow) could be a bullish barrier for upcoming sessions.
RSI indicator reflects double top formation in the daily time frame and crossed half-line of RSI (50 level). Now RSI at 46 mark is considered as a no trading zone. However, MACD attempts to breach the neutral level and reach into the negative region.
Conclusion
Fantom coin appears in upwards momentum after retesting $1.75 critical level. If FTM holders succeed to sustain assets above 100 SMA, then the $2.53 mark could be tested by FTM as soon as possible.
Support level – $1.12
Resistance level – $3.48
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.