Fantom’s sag might be reaching fatigue, possibly leading to a bullish impulse.
Key Takeaways
- Fantom has dropped by more than 45% over the past 2 weeks.
- Prices have reached a crucial assistance level, while technicals turn bullish.
- Buy orders should choice up to verify the bullish thesis.
Fantom appears to be trading in oversold area while buy signals are beginning to appear. However, FTM needto hold above a important assistance level to validate the positive outlook.
Fantom Looks Primed to Rebound
Fantom is hinting at a prospective healing after withstanding a considerable drop.
The Layer 1 network’s FTM token has lost more than 45% in market worth over the past 2 weeks. It went from trading at a high of $2.08 on Mar. 2 to hit a low of $1.14 on Mar.11 Despite the considerable losses sustained, one technical sign recommends that Fantom might be about to reverse.
The Tom DeMark (TD) Sequential sign is presently providing buy signals on FTM’s everyday and three-day chart. The bullish developments established as red 9 candlesticks, which is asign of a one to 4 candlestick growth or the start of a brand-new upward countdown. Bullish momentum should choice up around the existing cost levels extremely quickly for the positive outlooks to be confirmed.
Fantom is presently trading around a essential assistance level that hasactually been evaluated twotimes because early December2021 As long as FTM continues to hold around the current swing low at $1.14, it will have a possibility of rebounding. A spike in buy orders at the present rate level might provide FTM the strength to push towards $1.44 or even $1.73.
Failing to hold above the $1.14 assistance level might spell difficulty for Fantom. The break of such a crucial location of assistance might cause panic amongst financiers, motivating them to sell their holdings to prevent evenmore losses. Under such special situations, FTM might see its rate drop by almost 30% towards the 200-day moving average on the three-day chart at $0.80.
Disclosure: At the time of composing, the author of this piece owned BTC and ETH.
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