FTM Technical Analysis: Strong Resistance at $0.88236
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FTM Technical Analysis: Strong Resistance at $0.88236

May 11, 2021      Ankita Awasthi

Fantom (FTM) technical analysis shows it is a smart contract platform providing decentralized financial services using its algorithm. FTM focuses on problem-solving mechanisms for smart contract platforms. Emphasis is given on reducing the transaction speed, under two seconds. The FTM technical analysis is as follows:

Past Performance

The previous weekly trend of FTM has been very bullish. It has traded between $0.6333 and $0.9571. In the previous week, it made an all-time high. Currently, it is down 22.20% from the ATH.

https://s3.tradingview.com/snapshots/a/aCcqmzkK.png

Link: https://www.tradingview.com/x/aCcqmzkK/

Day-Ahead and Tomorrow

Currently, FTM is trading at $0.7515 and in the past 24 hours, FTM has traded between $0.6999 and $0.9055. Thus giving a bearish sentiment on the chart. Price has fallen by 14.70% in the last 24 hours. Indicating a hefty market sell-off.

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The MACD line and signal line have been following the bull trend since the past week. We can see the lines are about to converge, and the signal line is ready for the crossover. The crossover will happen from below giving a bearish outlook, and a short position should be taken from this level.

RSI has been quite high since the previous week has been hovering around the overbought zone. The RSI trend has started to decline and is indicating a trend reversal. RSI has made yet another peek, and at the time of writing, it started to move down.

FTM Technical Analysis 

In the daily chart, strong resistance at $0.88236 was broken during the week’s long bull run. But the price could not close the day above and closed the candle below. The prices will continue to see a sell-off from this level.

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A break-down from this level could highlight a support level at the 23.5% Fibonacci level of $0.69676, and further breakdown will confirm the bearish trend. Short positions should be taken at this level.

#Fantom #FTM
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.