Fantom Heading Towards 200 Satoshis, According to Analyst

The Fantom price has been increasing since it reached a low on October 26. On November 26, it broke out above its current resistance area and validated it as support afterward.

The Fantom Foundation (@FantomFDN) recently announced that its technology will be used in the health sector. This is also the first initiative of the Afghan government to adopt blockchain technology. The news was announced slightly after the breakout, thus it likely did not have an effect on the price.

BREAKING NEWS

The Afghan Ministry of Health recently announced that Fantom technology will be used in its health sector. This is the first time that an initiative is started to adopt blockchain technology in the country by its government. https://t.co/JYLVCTGxeC $FTM
— Sonic Labs (@SonicLabs) November 28, 2019

However, the technical outlook for FTM is also positive. Full-time trader @CryptoMichNL stated that the Fantom price flipped the previous 160 satoshi resistance area and has now turned it to support.

$FTM #FANTOM

This one had a deep wick in to the buyzone yesterday.

Good bounce.

Flipping 157-158 and we're looking for continuation. Combined with the FA I won't be surprised with reaching 200 sats this month. pic.twitter.com/hsoLCGzzx7
— Michaël van de Poppe (@CryptoMichNL) December 4, 2019

Additionally, he would not be surprised if we were to reach 200 satoshis by the end of the month. Will the price reach the target? Continue reading below in order to find out.

Double Bottom

The FTM price reached a low of 118 satoshis on October 26. This was a likely double bottom of the Eve and Adam variety, with the first bottom being gradual while the second being steeper. On November 26, the price broke out from the 125-160 satoshi trading range it had been trading in since September. Afterward, it validated the resistance area as support. This is a movement that often suggests that the upward move will continue. Fantom Trading Range

A similar retest of support strengthened by the 100-day moving average (MA) was given by @PostyXBT.

Somehow forgot to add the chart… pic.twitter.com/VnzRXLr9uQ
— Posty (@PostyXBT) December 4, 2019

Furthermore. the bottom was also combined with a bullish divergence in the oversold RSI. In higher time-frames such as the 3-day, this is often a sign that the bottom is in. Fantom Bullish Divergence

Fantom Future Movement

For the future, a breakout that goes the full height of the trading range would take the price to the next resistance area at 200-210 satoshis. This area was acted as the high in August before the price initiated a roughly two months long correction. While the price can continue increasing even above this resistance area, a period of retracement should occur once the price reaches it. FTM Trading Range

To conclude, the FTM price recently broke out above a significant resistance area and validated it as support. It seems likely that it will continue its upward move and reach the next resistance area at 200 satoshis.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

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 Conditions, Privacy Policy, and Disclaimers have been updated.