Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead?

Fantom (FTM) bounces backmost with a 5% rally successful implicit 24 hours aft it deed a monolithic debased yesterday. On-chain metrics hint astatine a bull run. Still, buyers are inactive advised to beryllium other cautious.

• FTM rallied 5% successful the past 24 hours
• Fantom’s on-chain metrics hinting a bullish movement
• FTM experiencing beardown selling pressure

FTM bulls are inactive trying to propulsion done the resistance. Evidently, the downward question successful the past mates of weeks highlights that the little timeframe is mostly bearish.

Fantom Down Since August

Judging by the 12-hour chart, FTM is seen to spiral downward which has been successful advancement since August erstwhile Fantom breached beneath $0.38 arsenic it retests the $0.33 absorption portion and cardinal enactment astatine $0.286.

A higher timeframe scope was besides spotted connected the charts from $0.31 to $.53. Notably, the $0.412 scope has been the absorption and enactment level arsenic seen since May.

Chart: TradingView.com

The two-hour illustration for FTM reveals that different scope whitethorn beryllium formed. One was capable to scope the scope of $0.242 to 0.217.

According to CoinMarketCap, FTM terms has slumped by 5.41% oregon trading astatine $0.2221 arsenic of this writing.

While determination is simply a anticipation of a breach, the positioning of FTM sets it for a downtrend, particularly with the summation successful selling opportunities.

FTM RSI At 64, Hinting At A Bullish Movement

The crypto’s comparative spot scale peaking astatine 64 shows an evident bullish question with the OBV moving sideways arsenic seen successful the past week. With that successful mind, adjacent with FTM bouncing backmost from its low, some the terms enactment and OBV aren’t hinting astatine immoderate breakout astatine this point.

The absorption portion which worked arsenic the cardinal enactment successful September could marque important strides again successful the adjacent mates of hours.

While buying FTM is simply a tempting feat it volition lone beryllium an vantage erstwhile you bash truthful nether definite circumstances similar a bullish market. However, Fantom is not shooting for a semipermanent scope and is successful information adjacent leaning towards a semipermanent downtrend.

A low-risk abbreviated whitethorn beryllium evident successful the $0.244 range. An hourly league that closes supra the $0. 251 portion volition invalidate the bearish momentum. The bearish targets are spotted close astatine the mediate of the scope and see their lows.

FTMUSD brace trading astatine $0.2245 connected the regular illustration | Source: TradingView.com Featured representation from Zipmex, Chart: TradingView.com