Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Fantom Could Rebound To New All-Time Highs

ByCrypto Briefing
AuthorAli Martinez
Published 11/07/2021, 01:30 AM
FTM/USD
-

Fantom’s recent price action suggests that it could make a move toward new all-time highs.

Key Takeaways

  • Fantom suffered a steep correction after reaching new all-time highs.
  • A critical support level contained the downswing.
  • Now, FTM looks prime to rebound and revisit record highs.

Fantom still looks bullish despite the heightened volatility in the cryptocurrency markets. The Layer 1 blockchain’s FTM token has rebounded from crucial support with little to no resistance ahead.

Fantom Looks Primed For Higher Highs

Fantom’s uptrend looks strong despite the 30% correction it suffered after making a new all-time high at nearly $3.50.

The Proof-of-Stake chain’s FTM token is currently sitting on top of a significant support barrier represented by the lower boundary of a parallel channel that has developed on its 12-hour chart since mid-September. Every time FTM has risen to this technical formation’s upper trendline, it has been rejected and retraced to the pattern’s lower edge. From this point, it tends to rebound, which is consistent with the characteristics of a parallel channel.

Following Fantom’s recent 30% correction, the channel’s lower trendline has held and allowed prices to partially recover. Further buying pressure around the current price levels could push FTM toward the channel’s middle or upper trendline, where resistance sits at $3.50 and $4.50, respectively.

Fantom 12-Hr Chart

It is worth noting that the support zone between $2.50 and $2.30 should play a vital role in Fantom’s uptrend. A spike in selling pressure that pushes FTM below this crucial demand barrier could invalidate the optimistic outlook, potentially leading to a 20% retrace toward $1.90.

Original Post

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.