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.
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