Fantom’s FTM token has cameacross a tough obstacle on its uptrend.
Key Takeaways
- Fantom hasactually increased by more than 50% over the past 2 weeks.
- Now the Layer 1 token has reached a vital location of resistance.
- Slicing through $1.63 might catapult FTM towards $2.
Fantom has handled to recuperate substantially from the drop it wentinto in late January. Still, there is one difficulty FTM should getridof to be able to march to greener pastures.
Fantom at Make-or-Break Point
Fantom is skyrocketing as it tries to catch up with the rest of the market.
Fantom suffered a high correction that started in late January to hit a annual low of $1.04 on Mar.14 The Layer 1 token appears to haveactually formed a regional bottom since its rate hasactually increased by more than 50% because then. Although a coupleof barriers are ahead, FTM might have the strength to advance evenmore.
From a technical pointofview, it appears that Fantom has satisfied stiff resistance after the current increase. The 50-day moving average at $1.54 appears to be keeping FTM at bay, avoiding it from making greater highs. A definitive day-to-day candlestick close above this resistance level and the 61.8% Fibonacci retracement level at $1.63 might motivate sidelined financiers to get back in the market.
After breaching such a crucial resistance zone, a spike in purchasing pressure might move Fantom towards the next supply location inbetween the 50% and 38.2% Fibonacci retracement levels. These secret resistance points sit at $1.87 and $2.15, respectively.
Although things appear to be looking up for Fantom, waiting for a sustained close above the $1.54-$1.63 resistance wall is essential. Failing to conquered this vital difficulty might outcome in a spike in profit-taking, pressing FTM back down. Under such distinct situations, the Layer 1 token would mostlikely dive to the current low at $1.04 to effort to kind a double bottom pattern.
Disclosure: At the time of composing, the author of this piece owned BTC and ETH.
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