- Fantom price analysis is bullish for today, up by 2.13%.
- The resistance at 2.213 USD remains unbroken, resulting in a bearish retracement.
- The bulls might take the prices higher if the support at $2.15 remains.
Fantom price analysis is bullish for today as the price action is above the support at $2.15. The nearest resistance for the bulls was present at $2.213, which remains unbreached. Another resistance can be witnessed at the $2.3 price level. For now, the price action has remained below these price levels.
According to the data presented by CoinmarketCap, the trading volume for the cryptocurrency is down by 74.00%, standing at $698 million. The market capitalization for Fantom is also down by 3.71%.
On the other hand, the biggest cryptocurrency, Bitcoin, is at the $55.8K price level, trying to breach resistances and enter the $58K price levels. Bitcoin started the month of October at $43K, and now, we are just 15% away from the all-time high for the currency.
Recent Fantom price action
Fantom has performed extremely well in recent days, rising by 27% on 22nd September and 8.59% on 27th September. On 1st October, FTM/USDT rose by another 17.49%, followed by 13.83% on 6th October. Whereas on 7th October, a price surge of 25.71% was experienced by traders, followed by 13.66% on the very next day.
The monthly candle for October is already up by 80%, while the coin’s price rose by more than 180% in August, followed by 67.56% in September. The potential of the coin has made investors optimistic about the FTM/USDT trading pair.
The highest price for today was $2.26, while the lowest was $2.04. Investors are bullish for the long term.
Fantom price analysis: Technical indicators are turning bearish for today
On the 4-hour chart, we saw the Fantom price analysis turn bearish as a number of red candles were witnessed. But this was followed by a few green candles. The price action is above the 50-day and 100-day Moving Averages, although the distance between them is reducing.
Fantom price analysis is still bullish as it is situated in the upper end of the Bollinger Bands, but the selling pressure has increased, and the price action is moving towards the lower end of the Bands.
Fantom price analysis can be accurately made using the RSI and the MACD indicators. The RSI indicator shows a value above the 60-level, while the gradient is turning negative. This means that the selling pressure is increasing.
The MACD indicator consists of two lines indicating the buying and selling pressure for the FTM/USDT pair. We have witnessed a bearish crossover on the 4-hour chart below, and this explains that the price will remain bearish in the short term.
Fantom price analysis: Conclusion
The Fantom price analysis can be concluded on a bearish note as the bulls, and the bearish continue their struggle. If the support holds, we might see another surge towards the current resistance, or else, the price might turn bearish.