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.
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.
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.
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.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on October 22, 2021 3:39 am
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