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.BREAKING NEWS
— Fantom Foundation (@FantomFDN) November 28, 2019
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 $FTM
Additionally, he would not be surprised if we were to reach 200 satoshis by the end of the month. Will the price reach the target? Continue reading below in order to find out.$FTM #FANTOM
— Michaël van de Poppe (@CryptoMichNL) December 4, 2019
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
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.
A similar retest of support strengthened by the 100-day moving average (MA) was given by @PostyXBT.
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.Somehow forgot to add the chart… pic.twitter.com/VnzRXLr9uQ
— Posty (@PostyXBT) December 4, 2019
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.
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.
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