Fantom Price Prediction: Bullish RSI Divergence Triggers Recovery Rally In FTM Token; Is $1.8 Next?

By Brian Bollinger
March 7, 2022 Updated March 7, 2022
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FTM Price Analysis: Christmas Rally Shine Upon Fantom Coin

On March 3rd, the Fantom (FTM) recovery rally turned down from the descending trendline($2). This bearish reversal tumbled the altcoin by 34.7%, bringing it back to $1.3 bottom support. However, the buyers aggressively defend this level, suggesting a dip opportunity for traders.

Key points

  • The FTM price shows lower price rejection at $1.3 support zone
  • FTM chart shows a negative crossover of the 50 and 100 DMA
  • The intraday trading volume in the FTM Network coin is $2 Million, indicating a 38.2% gain

TradingView ChartSource-Tradingview

On March 1st, the Fantom (FTM) price gave a bullish breakout from the $1.8 resistance. The relief rally made a high of $2.08, but the buyers couldn’t sustain at this higher level and reverted from the descending trendline.

This reversal triggered a fakeout from the $1.8 level, trapping the aggressive buyers on March 4th. The bear trap accelerated the selling pressure and slumped the coin back to $1.3 support. As the altcoin retests its monthly support level ($1.3), all gains made by traders during last week’s recovery are nullified.

The FTM price trading above the 200 SMA line indicates an overall bearish trend. Moreover, a bearish crossover of the 50 and 100 DMA could attract more sellers in the market.

Descending Trendline Hammers Down The Recovery Efforts

TradingView ChartSource-Tradingview

The FTM/USD pair turns green today, registering an 8.68% gain from the $1.3 support. A long-tail hammer candle at this support indicates the buyers are accounting at this dip, suggesting a possible reversal.

The daily-Relative Strength Index(38) shows an evident positive divergence concerning the previous swing low, bolstering a bullish reversal.

Anyhow, the buyers need to overcome the dynamic resistance trendline to initiate a genuine recovery in Fantom.

  • Resistance level- $1.45-1.5 and $1.8
  • Support levels- $1.3 and $1.15

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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