- Fantom Coin looks a bit bullish as it is up 21% this week.
- FTM coin is trading above the 20 and 50-day moving averages.
- The price of the FTM pair with the Bitcoin pair is down 3.3% at 0.0000001366 Satoshis.
There was one last fall in mid-June where Fantom investors turned aggressive. However, the bulls have faced a retracement phase since last night. In the intraday trading session, buyers are barely managing to keep the FTM coin above the previous swing low.
Despite slight retracement, the FTM coin seems to be in recovery mode for the past few days. Thus, the altcoin price is trading at the $0.03094 mark during the retracement phase at the time of writing. Meanwhile, price action is showing high-low formation throughout the daily price chart.
Bears are present near the $0.35 mark and it is acting active from a short-term perspective as well. On the other hand, the $0.20 zone is seen as a buyer’s hedge zone. However, in the context of the 4-horse price scale, FTM price is again attempting to form a base near the $0.30 area.
Meanwhile, The Fantom Token is looking a bit bullish as it is up 21% this week. In contrast, the market cap fell 7.3% to $787 million in the past 24 hours according to CMC. Furthermore, the FTM price is down 3.3% with the bitcoin pair at 0.000001366 Satoshis.
Buyers Have a Support Zone Near 50 DMA
After a long break below the 50-day moving average, the buyer retraced the FTM price above the 20 and 50-day moving averages on the daily price chart. Now the 50 DMA has become an immediate support level.
Moreover, Stoch RSI saw a bullish rally after retreating from the oversold zone.
Conclusion
If buyers manage to move the price above the 50-day EMA, the Fantom Coin is likely to rise further. However, the Stoch RSI indicator is showing bullish momentum after a move back from the oversold area.
Technical Levels
Resistance level- $0.50 and $1.0
Support levels- $0.20 and $0.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.