fxs_header_sponsor_anchor

Fantom Technical Analysis: FTM/USD resumes its bullish momentum after a brief consolidation eying up $0.015

  • After hitting a new 2020-high at $0.014, FTM/USD started a healthy consolidation towards $0.01. 
  • FTM bulls are back in town eying up the recent high at $0.014 and $0.015. 

Fantom experienced a massive 135% surge in three days setting a new 2020-high. FTM/USD had a significant increase in trading volume and the daily RSI got heavily overextended. The digital asset had a healthy consolidation period of two days hitting a low of $0.0102 before resuming its bullish momentum. 

FTM/USD daily chart

Fantom looks ready to crack $0.014 and continue towards $0.015 as there is very little resistance until that level. Buyers will need to break $0.0145, but after that, they have a free run until almost $0.016. The daily RSI has cooled off but remains overextended, however, this indicator will not necessarily stop bulls from climbing above the last high. 

FTM/USD 4-hour chart

Fantom is back trading inside a 4-hour uptrend after defending the 26-EMA several times in a row. FTM/USD is currently above both EMAs which have remained bullish and will continue to act as support levels if needed. The MACD is still bearish but on the verge of a bull cross while the RSI is slightly under the overextended level.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.