As the crypto market makes a steady recovery from the recent correction in total market cap, Fantom sees a meteoric surge in its DeFi and NFT marketplace adoption and moving from eight to fourth-largest blockchain by DeFi TVL-Total Value Locked.
Both Fantom’s FTM token and Yearn Finance YFI have recorded good gains following the expansion of Yearn Finance vaults now on the Fantom Network, with the FTM token being the winner in the YFI multi-chain expansion.
The Yearn Finance expansion to the Fantom ecosystem was successful owing to Fantom’s ease of bridge, ease of use, and speed. Also, Andre Cronje, the founder of Yearn Finance recently started a text-based RPG project called Rarity on the Fantom ecosystem.
Let’s dive into the charts.
Fantom (FTM) Weekly Chart Analysis
Trending Stories
The FTMUSDT went parabolic after finding a price floor at 0.1530, with the RSI trading above level-25 and level-75 at press time.
Bullish momentum used the old 0.9184 resistance as support and gets set to send the FTM price to the $4.00 round-number resistance where it may later signal a regular bearish divergence.
As the bears wait patiently and look to short-sell the market, the bulls look to squeeze more out of the upbeat momentum into new price discovery zones. Let’s check out the daily time frame.
Fantom (FTM) Daily Chart Analysis
Rising peaks and troughs on the daily time frame are identified with the RSI hovering above level-25 and confirms a break above previous peaks by shooting beyond level-75.
Following a break above 09 September resistance, the bulls now suggest flipping the old resistance into new support forming consecutive bullish closing candlesticks.
However, traders should be mindful of the RSI at level-76, a figure that is less than the previous peak’s level-97, which hints at the bearish sentiment.
We may decide to lock in some gains if the RSI value skyrocket beyond level-90.
Fantom (FTM) 4 hr Chart Analysis
Lastly, a view from the 4HR intraday charts reveals a slowing uptrend, where a collapse below 1.9676 support would show the further weakness of the long-term bullish campaign.
However, short-term bullish position traders could go long on the FTMUSDT in anticipation that the bullish divergence support [1.9676] would mark an end to the short-term correction phase.
- Bullish and Bearish Scenarios
Following the multi-timeframe analysis so far, the weekly time frame shows that long-only traders/investors should be cautious at the current price levels.
Meanwhile, the short-term intraday charts show mixed sentiment with possibilities of a double bottom price action at support [1.9676] followed by a short-term uptrend.
Fantom FTM Intraday Levels
- Spot rate: 2.097
- Mid–Term Trend [H4]: Bullish
- Volatility: High
- Support: $1.9676, $1.5240, $1.2876
- Resistance: $2.3671, $2.4410
- Institutional Traders Are Shorting Bitcoin At Record Pace, Here’s Why
- Lido Shut Down Terra Support, Starts bLUNA And stLUNA Withdrawal
- This Whale Adds 787 More Bitcoins As Price Struggles
- After Vauld Suspends Withdrawals, These Crypto Exchanges Could Be Next
- Cardano’s Vasil Upgrade Goes Live On Testnet; When Will It Be Lauching On Mainnet?
- How Stable Is Tether? Data Shows USDT At Massive Liquidity Imbalance
- As BTC Plummets to $19,000, Elon Musk’s Tesla Reports $440 Million Impairment Losses
- British Army Regains Control Of Their Hacked Social Media Accounts Promoting Crypto Scams
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
- Cardano price Analysis: ADA Price Nearing Triangle Breakout Eyes $0.655
- Polygon Price Analysis: $0.45 Fallout could Plummet MATIC price by 25%
- ETH Price Analysis: Can $1000 Support Undermine Selling Momentum?
- BTC Price Analysis: Technical Indicator hints Upcoming recovery for Bitcoin
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
