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Fantom (FTM) Creates Higher Low Above $0.245

2 mins
Updated by Geraint Price
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In Brief

  • FTM has broken out from a descending resistance line.
  • The daily RSI is bullish.
  • There is support and resistance at $0.245 and $0.43.
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Fantom (FTM) has been increasing at an accelerated rate since breaking out from a descending resistance line on July 18.

FTM has been moving upwards since reaching a low of $0.194 on June 13. On July 18, it managed to break out from a descending resistance line that had previously been in place since May 23.

The upward movement led to a high of $0.368 on July 24. 

The price has decreased slightly since and is currently trading at $0.325. The closest support and resistance areas are at $0.245 and $0.43 respectively.

FTM Range
FTM/USDT Chart By TradingView

Bullish readings 

Cryptocurrency trader @Cryptoknight890 tweeted a chart of FTM, stating that the price could increase by a further 70%. 

FTM pump
Source: Twitter

The readings from the daily RSI support the continuation of the upward movement. After a long period of generating bullish divergence (green line), the RSI moved above 50, something which is considered a sign of a bullish trend.

Moreover, the deviation (red circle) and subsequent reclaim above the $0.245 area is a strong sign of a potential bullish reversal, aligning with the readings from the RSI. 

So, the daily time frame supports the possibility that the price will move to the $0.445 area and potentially break out. If it is successful in doing so, the next closest resistance area would be at $0.70, created by the April lows.

Daily RSI Breakout
FTM/USDT Chart By TradingView

FTM/BTC

The FTM/BTC chart is similarly bullish, since the price has broken out from a descending resistance line. Additionally, the daily RSI has moved above 50, doing so at the same time that the price created its first higher low.

If the upward movement continues, the next closest resistance area would be at 3,500 satoshis. This is the 0.382 Fib retracement resistance level when measuring the entire downward movement.

FTM Breakout
FTM/BTC Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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