- Fantom rejected a 50 day ema and is likely to approach the demand zone.
- MACD had generated sell signal whereas RSI at 43 reversing upside from the oversold levels.
Fantom Price is trading with the mild bullish cues and likely to face resistance at downward sloping 50 day ema in coming few sessions. As per coin glass, in the last 24 hours Long and short ratio stood at 0.93 denotes sellers are more as compared to buyers which may create trouble for bullish traders in the next session. Currently,FTM/USDT is trading at $0.2025 with the intraday gains of 2.27% and 24 hour volume to market ratio stood at 0.0871
FTM preparing for a rally ?
On a daily time frame, FTM prices looked quite stable and bulls were struggling to regain its positive momentum. Recently, in November prices breakout upside with a higher volume and created a hope for bullish investors but unfortunately it resulted as a bull trap and prices lost all its previous gain and hit a low at $0.1669 in just a short span of time. Later, after little bit consolidation at lower levels bulls again tried to keep the prices above 50 day ema, but due to bear dominance on higher zones prices were not able to sustain the higher levels.
The 200 day ema (green) indicates a trend to remain weak on a positional basis and the 50 day ema(yellow) at $0.2144 will act as an immediate hurdle for bulls followed by the next hurdle at $0.2607. On a lower side $0.1800 and $0.1630 will act as a savior for bulls. The MACD had generated a sell signal indicating bearishness may continue in coming days whereas RSI at 43 reversing upside from the oversold levels.
The closer window
On a lower time frame, FTM prices were stuck into a tight range and likely to see further expansion on either side soon.Recently, supertrend indicator had generated a sell signal and red line trailing down denotes short term trend may remain in bear grip but if bulls succeed to trade above $0.2300 we may see some short term bullish trend reversal .
Summary
FTM prices had shown some strong recovery from the recent lows indicating responsive buyers are active on lower levels and it won’t be easy for bears to drag the prices below demand zones marked above. As per technical analysis, price may witness minor selling from the 50 day ema hurdle level but it might be used as an opportunity to accumulate Fantom near the demand zones.
Technical levels
Resistance levels : $0.2607 and $0.2998
Support levels : $0.1800 and $0.1630
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/30/fantom-ftm-price-analysis-should-investors-accumulate-ftm-at-the-demand-zone/