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Wednesday, February 15, 2023
HomeBitcoinFantom Seems to be Oversold Whereas Purchase Alerts Seem

Fantom Seems to be Oversold Whereas Purchase Alerts Seem


Key Takeaways

  • Fantom has retraced by greater than 27% since May 5. 
  • FTM has now reached an important assist stage.
  • A spike in shopping for strain might push the asset to $0.80 and even $1.

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Fantom is hovering round an important demand zone that has traditionally served as a rebound zone. Similar value motion might see the Layer 1 asset surge towards $0.80 or increased.

Fantom Prepares to Rebound

Fantom seems to have reached an important space of assist that will assist costs rebound if it continues to carry.

The Layer 1 blockchain’s FTM token has endured a steep correction over the previous few days after struggling a rejection on the $0.87 resistance stage. Fantom has seen its value drop by greater than 27% since May 5, not too long ago hitting a low of $0.63. Now, the downtrend seems to be reaching exhaustion, which might lead to a bullish impulse.

Fantom has begun testing the decrease trendline of a parallel channel that has developed on its 12-hour chart. The very important assist stage has prevented additional losses since early January, resulting in an upswing to the sample’s higher boundary each time it has been examined. Similar value motion might see FTM rebound to $0.80 and even $1.

The Tom DeMark (TD) Sequential indicator provides credence to the optimistic outlook as it’s getting ready to current a purchase sign on the 12-hour chart. The bullish formation seems to be set to develop as a crimson 9 candlestick, which is indicative of a one to 4 candlesticks rebound. Moreover, Fantom seems to be making a bullish divergence in opposition to the RSI inside the identical timeframe.

Source: TradingView

Although the chances favor the bulls, uncertainty throughout the crypto and international monetary markets might trigger a downswing. Due to the rocky local weather, many crypto property have been bleeding over the previous week, with Bitcoin hitting a 10-month low earlier this afternoon.

If Fantom sees a spike in promoting strain and breaks beneath $0.62, the short-term optimistic outlook could possibly be invalidated. Under such distinctive circumstances, Fantom might lengthen its losses towards the $0.50 assist stage.

Disclosure: At the time of writing, the writer of this piece owned BTC and ETH.

For extra key market tendencies, subscribe to our YouTube channel and get weekly updates from our lead bitcoin analyst Nathan Batchelor.


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