Fantom’s FTM token has encountered a no longer easy hurdle on its uptrend.
Key Takeaways
- Fantom has risen by better than 50% throughout the final two weeks.
- Now the Layer 1 token has reached a prime arena of resistance.
- Slicing thru $1.63 may perchance per chance catapult FTM toward $2.
Fantom has managed to find better vastly from the downtrend it entered in slack January. Light, there is one hurdle FTM must overcome so as to march to greener pastures.
Fantom at Assemble-or-Rupture Point
Fantom is hovering as it makes an strive to have interaction up with the relaxation of the market.
Fantom suffered a steep correction that began in slack January to hit a yearly low of $1.04 on Mar. 14. The Layer 1 token appears to be like to fill shaped a local bottom due to its label has risen by better than 50% since then. Even supposing about a boundaries are ahead, FTM may perchance also simply fill the energy to arrive further.
From a technical level of view, it appears to be like that Fantom has met stiff resistance after the scorching upswing. The 50-day transferring realistic at $1.54 appears maintaining FTM at bay, battling it from making better highs. A decisive day-to-day candlestick conclude above this resistance stage and the 61.8% Fibonacci retracement stage at $1.63 may perchance per chance back sidelined merchants to find aid in the market.
After breaching such a prime resistance zone, a spike in making an strive for pressure may perchance per chance propel Fantom in direction of the subsequent provide arena between the 50% and 38.2% Fibonacci retracement stages. These key resistance strategies sit down at $1.87 and $2.15, respectively.
Even supposing things seem like taking a predict up for Fantom, looking ahead to a sustained conclude above the $1.54-$1.63 resistance wall is crucial. Failing to beat this serious hurdle may perchance per chance consequence in a spike in profit-taking, pushing FTM aid down. Below such uncommon conditions, the Layer 1 token would seemingly dive to the scorching low at $1.04 to strive to construct a double bottom pattern.
Disclosure: At the time of writing, the creator of this part owned BTC and ETH.
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