Analysis

Fantom Price Analysis: FTM corrects upwards and sets a higher low at $2.32

TL;DR Breakdown

Fantom price analysis is positive today.
FTM/USD saw a strong advance this morning.
Fantom set a higher low at $2.32 yesterday.

Today’s Fantom price analysis is bullish as a higher low has been established, and the morning’s strong advance has set up a new high. As a result, we anticipate FTM/USD to surpass the previous high of $2.45 within the next 24 hours.

Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market is entirely green with all digital assets trading bullishly for the past 24-hours. Bitcoin crossed the $65,000 mark after a 1.54 percent rise where it set a new all-time high. Ethereum posted a record gain of 8.43 percent and broke above $4,178.

Fantom price movement in the last 24 hours: Fantom sets higher low at $2.15, returns to previous high

FTM/USD is trading inside a narrow range of $2.32 and $2.45 for the past 24 hours, suggesting considerable volatility over the preceding day and a half. The trading volume stands at $617 million, which is 32.91% less than yesterday’s amount, while the overall market cap trades around $6.14 billion, which is 1.79% lower than the day before.

Fantom’s price advance occurred in two stages: an initial surge attracted buyers to push FTM/USD up to $2.19, where it found resistance and rolled over into yesterday’s consolidation range. The second leg of the rally developed early this morning. The price of FTM/USD rose from $2.14 to a high of $2.45 on the volume of almost $232 million, which is 133.69% more than yesterday’s quantity.

FTM/USD 4-hour chart: FTM ready to break $2.45 previous high?

On the 4-hour chart, we may observe that the Fantom price is moving back toward the previous swing high, suggesting that a break higher will follow.FTM/USD 4-hour chart. Source: TradingView

The Fantom price action has been excellent thus far in October. On the 1st of October, FIL/USD was pushed back by the $1.50 resistance after an initial spike higher.

On October 8th, while another technical fix to $1.30 was in place, the bulls reclaimed control and a rapid rise ensued over the next few days. Fantom hit $2.45 on the eighth of October after a 90 percent surge and establishing a new all-time high.

The cryptocurrency’s price reached $1.80 on October 8, then dropped for the better part of a week before finding support at $1.90 on October 16th. Support was discovered at $1.90 on the 16th of October, after which FTM/USD proceeded to rise higher, establishing a higher high at $2.30

Fantom Price Analysis: Conclusion

The Fantom price is up today after another advance was followed after a higher low was established yesterday at $2.15. As a result, it’s likely that FTM/USD will set new all-time highs on a regular basis.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and Defi wallets.

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