The FTM coin dropped to the $1.28 support during the pullback, indicating a 60% discount from the All-Time High of $3.48. However, experiencing strong demand pressure from this support, the coin started rising again, trying to end this correction phase. Moreover, the technical chart also shows a bullish rounding bottom pattern, which would boost the ongoing rally.
Key technical points:
- The FTM price jumps above the 50 and 100 in the daily time frame chart
- The daily RSI line shows an impressive recovery along with crossing the above the neutral zone
- The 24-hour trading volume in the Fantom coin is $840.3 Million, indicating a 1.7% gain.
The last time when we covered an article on Fantom coin on November 24th, this pair challenged the $2.6 resistance with the hope of continuing its rally. However, the intense selling pressure rejected the price with an evening star candle and plugged it back to $2.
Furthermore, with the help of the crypto bloodbath on December 4th, the correction phase extended as the coin breached the support zone near $2 and fell to the $1.27 mark. The coin price obtained significant support from this bottom level, initiating a new rally in its price. The coin is currently trading at the $2.01 mark and has recovered around 55%.
This recovery rally in the FTM coin managed to reclaim the 20, 50, and 100 EMAs, indicating a strong uptrend. The daily Relative Strength Index (61) showed a straight-up rally approaching the overbought zone.
FTM/USD 4-hour time frame chart
The Fantom coin shows the formation of a rounding bottom pattern in the 4-hour time frame chart. The pattern’s neckline was at the $2 mark, and today the price has provided a decisive breakout from this overhead resistance, providing an excellent long entry opportunity if the price sustains above it.
The traditional pivot level suggests that crypto traders expect the nearest resistance at $2.1, followed by $2.3. And for the opposite end, the support levels are $1.9 and $1.75.
- 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
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- 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
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?