Analysis

Fantom Price Analysis: FTM/USD set to break above $2.5

TL;DR Breakdown

Fantom price analysis is bullish today.
FTM/USD saw a strong advance this morning.
Fantom is currently trading at $2.3.

The ascending triangle on the 4-hour chart was completed today, suggesting that the market is ready for more gains. As a result, we expect FTM/USD to break past its previous high of $2.45 within the next 24 hours.

Fantom price movement in the last 24 hours: Fantom breaks above $2.15

The XRP/EUR pair was in a range of $2.15 to $2.46, which means there has been a lot of volatility over the last 24 hours. Trading volume is at $617 million, down by 32.91 percent from yesterday, while the market capitalization stands at roughly $6.14 billion, placing the coin as the 15th largest coin at the time of writing.

As was mentioned yesterday, minor support is found at $2.15, while resistance lies near this level as well. The trading range for XRP/EUR now has been narrowed to between those two levels. However, unlike yesterday, today’s low spike suggests that the market is more likely to see a breakout from the current range rather than a breakdown.

As for our FTM/USD analysis, Fantom set a higher low at $2.15, as mentioned earlier today. This means that the descending triangle has been fully formed and we expect FTM price movement to break past its previous high of $2.45 within 24 hours.

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

We can observe that Fantom’s price action is moving back toward the previous swing high as bullish momentum has returned thus far today, indicating that a further rise will follow.

FTM/USD 4-hour chart. Source: TradingView

The chart above shows FTM/USD correlating with the triangle resistance, which is found near $2.46 at the moment. The market closed today at $2.43 after a 23 percent rise in price from yesterday’s low of $1.97. In addition, Fantom has seen relatively high volume during the past few days, with yesterday’s volume being at $2.1 million. The market is expected to see a breakout from this range between the resistance and support levels within the next 24 hours or so.

Bears retook control after a few-day retreat to $1.30, but bulls were able to regain control later on and embark on a very strong rally that sent STX to new yearly highs.

The range for today is currently being established between $1.64 and the swing high at $3.08. The higher highs of yesterday suggest that FTM price movement is likely to break past $3.08 soon, which would lead to an increase toward $4 and above in the next few days.

The correction dragged on for several days, and FTM/USD began to retrace. The 16th of October was the day when support was located at $1.90. Since then, the Fantom price action has progressed favorably, reaching a higher high at $2.30 and a lower low at $2.15 as bulls gear up to break the all-time high of $2.45.

Fantom Price Analysis: Conclusion 

Today, with another climb following a higher low established yesterday, the Fantom price pattern is bullish. As a result, FTM/USD is poised to establish new all-time highs.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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