- FTM reclaims 50 day ema at $0.2000 with a strong bullish candle forming higher highs candle formation with more than a average volume.
- Minor correction towards support levels will be an opportunity for responsive buyers
- Supertrend has generated buy signal and bulls are strongly defending the green support line,
Fantom has not been in the investors basket in the current year but, as DeFi market is growing and expected to grow much bigger in 2023. The Defi coins including FTM will surely come into the spotlight of investors.
Will bulls be able to defend recent lows ?
On a weekly timeframe FTM prices had seen massive selling pressure from the higher levels and have been struggling to trade above the falling trendline from the past couple of months. Recently, FTX collapse created fresh lows at $0.1646 with a deep bearish candle but later prices found some stability in lower levels and recovered almost 50% from the recent lows. In previous week bulls again attempted to break the trendline but again got rejected forming bearish doji candle indicating strong sellers active on higher levels.
Day time frame narrative
On a daily time frame, FTM prices had not performed well but luckily prices gained some positive momentum in the month of July which has rewarded the short term traders. In the mid of August prices faced resistance at $0.4106 and had seen continuous selling from the higher levels. Recently, after the FTX collapse prices indicated some base formation in the range between $0.1646 to $0.2000 which will act as an important support zone in coming weeks.The RSI at 51 neutral zone pointing downwards indicates price may see little cool off in coming days.
The 200 day ema (green) at $0.3866 sloping down indicates a positional trend to remain weak, but in between some relief rally is possible. As of now, the 50 day ema (pink) at $0.2216 will act as support, whereas on a higher side immediate hurdle will be $0.2632 followed by next hurdle will be $0.3166.
Supertrend with MACD
If we combine supertrend and MACD indicator on a daily time frame the picture is quite interesting. One side supertrend had generated buy signal and prices are still trading above the buying line indicates trend to remain bullish but on otherside, MACD is on way to generate negative crossover but the crux is MACD still trading above zero line.
After analyzing the multiple time frame and indicators, FTM prices look bullish but we may see some cool off from higher levels. As of now, traders and investors may look for buying opportunity in lower levels for the target of $0.3176 and above by keeping $0.1646 SL
Resistance levels : $0.3166 and $0.4106
Support levels : $0.2007 – $0.1616
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.