Fantom(FTM)pricehasdisplayedadecisivebreakoutfromafallingchannelinabroadertimeframe.Ithasgainedaround30%afterthebreakout.
TheFantompricetriggeredapullbackinthefirstweekofOctober.However,itcouldn’tremainbullishforlonger.Thetokenhasfacedresistancefromacrucialzoneof$0.800andwitnessedasteadyfall.
However,thebearishtrendhashaltednearthelastswinglowandhasformedabullishcandlestick.Thepricewasnearthe200-dayexponentialmovingaverage(EMA),alsoasupportlevel.
BuyinginFantomPriceOverWiderFrame
Kris088(@saitokris088),acryptoanalyst,claimedthattheFTMcryptohasthepotentialtoperformpositively.Ithasformedaninvertedheadandshoulderpatternonaweeklytimeframe.
Anyoneseeingthisforminghugeinvertedh&son1W?$FTM$Spic.twitter.com/GXUr6O7frg
—kris088🆓️(@saitokris088)October26,2024
Thismayinvitebuyersandhelptopushthepricefurther.IftheFantompriceovercomesthe$0.800territory,itcouldgenerateastrongbuyingmomentum.
CouldFTMPriceReclaim$1MarkbytheEndof2024?
Fantomcryptowastradingat$0.643atpresstime.Thathasshownamildgainof0.34%overthepast24hours.Themarketcapitalizationwas$1.80Billion.
The24-hourtradingvolumedroppedby56%to$88.06million.Itshowedthattheengagementofinvestorsandtradersisdecreasing.SinceAugust,theFantomcryptopricehasremainedbullishandhasmanagedtosustainthe200-dayEMA.Defendingthe200-daycouldbeasignofbuyers’domination.
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BuyersmightplanlongpositionsiftheFantompricetakessupportonthe200-dayEMAandexceedsthe20-dayEMA.Supposethepricesustainsoverthe20-dayEMAandsurpassestherecenthigh,buyingcanbeseen.Here,asinglepushbybuyersmayliftthepricetothepsychologicallevelof$1.
Alternatively,ifthepricestartstradingbelowthe200-dayEMA,thenbuyersmightpanic.TheFTMcryptomaysustainbelowthe200-dayEMA.Ifthishappens,sellersmaypullthepricetothestrongdemandzoneof$0.20.
Turningtothetechnicalindicators,theRSIhaswitnessedarapidfallandhasreached44.ItwasbelowtheRSI-basedmovingaverageandheadingtowardtheoversoldzone.
TheMACDhasgeneratedabearishcrossoverwiththeSignalline.However,itisholdingovertheZeroline.However,thehistogramshaveflippedtored,whichindicatesthebearishforecast.
FantomPricePredictionBasedonTechnicalChart
Fantompricehasdisplayedsignificantvolatility.Itsrecentbreakoutfromafallingchannelandsubsequentpricefluctuationsmarkedit.Whileitmanagedtogain30%post-breakout,currentresistanceatthe$0.800levelhashindereditsbullishmomentum.
Thestabilizationnearthe200-dayEMAofferedaglimmerofhopeforbuyers.However,asustaineddropbelowthislevelcouldincreasesellingpressure.Thiscoulddrivethepricedownto$0.20.
Thetechnicalindicatorssuggestcaution,astheRSIandMACDpointtowardsbearishsentiment.ForFTMtoreclaimthe$1markbytheendof2024,itmustmaintainsupportatthe200-dayEMA.Thetokenneedstoshowconsistentupwardmovementpastthe20-dayEMA.
thecoinrepublic.com