The Fantom coin has shown a remarkable recovery in its technical chart. The price has surged 133% in around 2 weeks, making a steady approach to the All-Time High resistance of $3.49. However, the price still needs to overcome another hurdle of $3.76 before reaching the crucial resistance.
FTM Key technical points:
- The daily RSI line shows a striking recovery from the oversold region
- The 24-hour trading volume in the Fantom coin coin is $1.6 Billion, indicating a 19.85% loss.
Source-Tradingview
The last time when we covered an article on Fantom coin on December 24th, this pair breached the $1.79 resistance, projecting the end of the correction phase. After the breakout, the coin experienced strong demand pressure, initiating a new rally in its chart.
So far, this V-shaped recovery has rallied to the $3 mark, indicating a 65% gain from the breakout point. Today, the price is up by 7.62%, and currently retesting this overhead resistance hoping for a bullish breakout.
The FTM coin managed to sustain above the 200 EMA during its correction. However, with this new rally, the price also crossed above the other EMAs. The 20, 50, and 100 EMAs, reclaiming their bullish alignment.
The daily Relative Strength Index (75) shows a steady rally to the overbought region, with no major signs of bearish divergence.
Fantom Coin Struggles To Overcome The $3.17 Resistance
Source- Tradingview
This parabolic rally in the FTM coin knocked out several resistance levels on their way one after another. The coin price is not far from the All-Time High resistance of $3.49; however, the only significant resistance standing in-between is the $3.17. The crypto traders looking for a long opportunity can wait for the price to provide a proper breakout from this overhead resistance.
In case the price rejects from this level, a bullish outlook would remain intact until the price sustains above the $2.6 mark.
The daily-traditional pivot level suggests the important supply zone at $3.24, followed by $4. And for the opposite end, the strong demand pressure can be expected from $2.7 and $1.95.
Disclaimer
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.
About Author
Source: https://coingape.com/ftm-coin-price-analysis-v-shaped-recovery-aims-to-challenge-3-47-ath/