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Cryptocurrency News Articles
Fantom (FTM) Market Sentiment Turns Bullish as Long-Term Holders (LTHs) Signal Strong Confidence
Sep 28, 2024 at 12:00 pm
Fantom [FTM] has gained the attention of the cryptocurrency market. On-chain metrics during the recent cycle provide concrete indications of a probable
Cryptocurrency market sell-off puts pressure on Fantom [FTM]
After a recent bullish spell, where Fantom [FTM] managed to gain 160% from the lows of 2023, the coin has now faced the heat of the market sell-off.
At press time, FTM was trading at $0.5177, down by 11% over the last 24 hours. Despite the recent drop, the coin was still up by 60% from the年初.
FTM’s recent bullish momentum was supported by several on-chain metrics, which now hinted at a possible price increase in the coming days.
As buyers stepped in to support the coin at the lower price range, key levels were defended on the Fantom chart.
However, the coin’s ability to sustain this bullish outlook would depend on the strength of the upcoming price rally.
Chart Analysis: FTM on the 4-hour chart
The 4-hour chart for Fantom highlighted the coin’s recent bullish spell.
As buyers pushed the price of FTM up from the $0.29 support level, the coin managed to rally to the $0.62 resistance level. After testing this level, FTM consolidated within a narrow trading range.
The Relative Strength Index (RSI) was below 50 to show bearish momentum, while the Awesome Oscillator formed lower bars below the zero line.
These indicators suggested that bearish pressure was building up and might soon lead to a price decrease.
Overhead resistance for FTM was present at $0.56 and $0.62. On the other hand, support levels were found at $0.48 and $0.42.
If the bears managed to push the price below these support levels, then FTM could drop to $0.38 or even lower.
What to expect from Fantom?
After breaking below the $0.54-$0.56 zone recently, the bears were attempting to push the price of FTM back down to the $0.48 support level.
If this level held, then another bullish wave could be expected before the next leg down.
However, if the bears managed to push the price below $0.48, then FTM could drop to $0.42 or even lower.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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