Fantom (FTM) increased considerably in December. A breakout above $2.65 would likely lead to a new all-time high price.

FTM has been increasing since reaching a low of $1.14 on Dec 4. The same day, it created a very long lower wick, which is considered a sign of buying pressure (green icon). On Dec 14, the token created a higher low and resumed its upward movement at an even more accelerated rate. So far, it has increased by 110%, leading to a high of $2.59 on Jan 1.

On Dec 26, FTM broke out from a descending resistance line that had been in place since the Oct 26 all-time high. This confirmed that the correction is complete. 

The main resistance area is at $2.65. A breakout above it would likely lead to a new all-time high price.

Cryptocurrency trader @AltcoinSherpa tweeted an FTM chart, stating that the token is likely to increase towards $2.4.

Since the tweet, the token has already reached this level, and is now attempting to break out. 

Technical indicators for FTM in the daily time-frame also support the continuation of the upward movement. 

The MACD, which is created by a short- and a long-term moving average (MA), is increasing and has crossed into positive territory (green icon). This means that the short-term MA is faster than the long-term one, and supports the continuation of the upward movement. 

The RSI, which is a momentum indicator, is increasing and is nearly above 70. This is also a sign that a breakout is likely.

The two-hour chart supports these findings. 

FTM has reclaimed the $2.45 area, which previously acted as resistance. Afterwards, it bounced above it on Jan 3, validating it as support. 

Similarly, the FTM/BTC pair has been increasing since breaking out from a descending resistance line on Dec 24. While it did not reach a new all-time high, the Jan 1 close (green icon) was the highest daily close in history. 

Once it manages to move above the 5400 satoshi resistance area, FTM is likely to go to a new all-time high price. 

The next resistance area would be at 8000 satoshis, created by the 1.61 external Fib retracement resistance level.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Fantom (FTM) More Than Doubles in Price Since December Lows appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

179 +