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- Fantom Coin saw a 10% rally last night after a scary sell-off above the psychological round level of $1.0.
- Fantom coin is still below the significant moving averages (such as 20,50,100, and 200 MAs) in terms of the daily price chart.
- The FTM/BTC pair price is trading at 0.0000294 Satoshis, which is in the bullish territory by 7.9%.
After the scary sell-off, the bears seem to have stopped selling the Fantom coin, which has been going on for the past 2 weeks. Yesterday, FTM holders finally managed to reverse the bearish trend and this resulted in a 10% rise in the coin in just one day, well above the psychological round level of $1.0.
At the time of writing, Fantom Coin appears to be neutral at $1.943 after a sharp rise as per the Tradingview Live price chart. Meanwhile, the coin is heading towards the bullish barrier of $1.30 which was an important support level but has now turned into a short-term resistance. Thus, the FTM/BTC pair is trading at 0.0000294 Satoshis, which is in the 7.9% bullish zone.
In the context of the daily price chart, Fantom Coin is training below the 20, 50,100 and 200 MAs. However, the coin gained around 98% of trading volume during the last night, indicating buyer activity. Nevertheless, the volume to market capitalization ratio is 0.5622.
How long will the FTM bullish trend last?
Based on the daily chart of the stock price, the Stoch RSI looks for highly oversold areas followed by a sharp decline. Yesterday, with a bounceback, the stock RSI gave a bullish crossover for short-term buying. Furthermore, the Average Directional Index (ADX) is present at 26-points, which is providing bullish momentum for the Fantom coin.
Conclusion
The $1.0 area appears to be an important support level for buyers and buyers are looking aggressive near this level. Now it remains to be seen how long the bulls continue the bullish trend.
Resistance level- $1.3 and $2.0
Support level- $1.0 and $0.6
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
