- Fantom price analysis is bullish today.
- FTM/USD saw a substantial advance this morning.
- Fantom set a higher low at $2.32 yesterday.
Today’s Fantom price analysis is bullish as a higher low has been established, and the morning’s strong advance has set up a new high. As a result, we anticipate FTM/USD to surpass the previous high of $2.45 within the next 24 hours.
Fantom price movement in the last 24 hours: Fantom sets higher low at $2.15, returns to previous high
The Gemini dollar/USD pair is exhibiting a lot of movement in the past 24 hours. For the previous day and a half, it has been range-bound in a tight band between $2.32 and $2.45, suggesting significant volatility during that period. The trading volume was $617 million yesterday, 32.91% lower than usual, while the overall market cap was about $6.14 billion, which was 1.79 percent lower than yesterday’s figure.
The price surge of FTM/USD happened in two phases: an initial surge drew investors, who pushed the currency up to $2.19 before it encountered resistance and rolled over into yesterday’s consolidation range. This morning’s second leg of the rise began early. The price of FTM/USD increased by 133.69 percent on a volume of almost $232 million, which is considerably more than yesterday’s amount.
FTM/USD 4-hour chart: FTM ready to break $2.45 previous high?
On the 4-hour time scale, we can see that the Fantom price is heading back toward its previous swing high, suggesting a rise is forthcoming.
If the FTM/USD pair manages to break through the previous high of $2.45, it could experience significant gains. After this, the nearest resistance level is at $2.72, followed by a long-term descending trendline toward $3.07.
On October 8, the cryptocurrency’s price hit $1.80, then plummeted for the following seven days before finding support at $1.90 on October 16th. Support was discovered at $1.90 on the 16th of October, after which FTM/USD advanced towards higher ground and established a peak of $2.30 later that day. The market then drifted downward to $2.25 on October 17th before beginning to rally again, with a second peak of $2.45 occurring on the 18th of October.
Fantom Price Analysis: Conclusion
The price fell again after reaching this level, finding support at $1.80 on October 20th. However, this time, buying pressure was not sufficient to drive prices back into the previous high area, and FTM/USD fell to $1.65 before commencing another rally.
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