The Fantom (FTM) price has possibly completed a short-term correction and begun the final portion of a significant upward movement.
The FTM price had fallen under a descending resistance line since reaching an all-time high in January 2022. The decrease led to a low of $0.164 in November 2022, causing a breakdown from the $0.20 support area. However, that turned out to be a deviation (red circle), and the Fantom price has increased since.
The upward movement was preceded by a bullish divergence in the RSI (green line). Moreover, the indicator is now above 50, another sign of a bullish trend. The upward movement led to a high of $0.655 in January. While the price decreased afterward, it bounced at the $0.39 horizontal area, creating a long lower wick and validating it as support.
If the increase continues, the next closest resistance would be at $1.15. On the other hand, a close below $0.39 could lead to a fall toward $0.20.
Can Fantom (FTM) Price Move to $1.15?
The daily time frame aligns with the readings from the weekly one, supporting the continuation of the upward movement. There are several reasons for this.
Firstly, the price seems to have completed a
Go to Source to See Full Article
Author: Valdrin Tahiri
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
