Fantom (FTM) and Injective Protocol (INJ) Technical Analysis: What to Expect?
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Fantom (FTM) and Injective Protocol (INJ) Technical Analysis: What to Expect?

May 19, 2021      Dalmas Ngetich

INJ/USDT may bounce back to $27 if Injective protocol buyers clear $18. Meanwhile, Fantom bulls are resilient. FTM/USDT is open for $2.

Fantom (FTM)

The DAG-smart contracting platform offers DeFi services using the FTM coin.

Past Performance of FTM

Fantom is remarkably resilient against sellers, steadying versus USD and posting double-digit gains against BTC and ETH.

On the last trading day, FTM has added around 15 percent. Meanwhile, trading volumes continue to swell, rising 2X within the same period.

Day-Ahead and What to Expect

The FTM/USDT technical analysis indicates strength judging from the candlestick arrangement in the daily chart.

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Although sellers are causing havoc in the DeFi market, FTM edged higher on May 18. An upswing may build the ground for further gains.

FTM/USDT Technical Analysis

Fantom Price Daily Chart for May 19

Despite the market-wide dump down, the FTM price is relatively solid.

Posting double-digit gains versus the ETH and BTC on the last trading day, prices could grind higher against expectations in the days ahead.

Notably, the FTM/USDT price has support at the 68.2 percent Fibonacci retracement the recent trade range at around $0.55.

Ideally, a close above $0.95 may catalyze demand, driving FTM towards $1.4 and $2, the 1 and 2.618 Fibonacci extension levels of the same range.

Injective Protocol (INJ)

The Ethereum and BSC-based smart contract and DeFi protocol is a swapping dApp where users are in control of operations. The native token is INJ.

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Past Performance of INJ

INJ prices are wildly fluctuating, down six percent and 18 percent on the last day and week. It is despite gains of May 18.

Interestingly, INJ is outperforming ETH and BTC at spot rates, hinting at the deep draw-down of the latter.

INJ trading volumes remain within average, rising 74 percent to $106 million.

Day-Ahead and What to Expect

INJ/USDT technical analysis hints of a possible bear contagion.

Accordingly, prices may dip in the days ahead despite general optimism.

Still, it should be noted that INJ is at around an all-time high and inside a consolidation from mid-February 2021.

INJ/USDT Technical Analysis

INJ Price Daily Chart for May 19

Overly, INJ buyers have a chance and overcome the deluge of sell pressure, as read from the daily chart.

There is a double bar bullish reversal pattern as prices bounce between the 61.8 and 78.6 percent Fibonacci retracement of H2 April 2021.

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Losses below $13.5 may see a dump down towards April lows of $10.

On the reverse side, gains above $18 may see INJ lift off to $27—the 1.618 Fibonacci extension level of the Q1 2021 trade range.

#DeFi #Fantom #FTM #FTM/USDT #INJ #INJ/USDT #Injective Protocol
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.