- On Wednesday, the FTM/USD is trading with a solid bullish bias at $1.46, scoring +21.35% so far.
- Cardano is gaining immediate support at the $2.30 level amid an optimistic interview with Charles Hoskinson.
- Forex trading participants may look for a sell trade below the $1.4945 level to the target of $1.4227 and $1.3548.
On Wednesday, the FTM/USD is trading with a solid bullish bias at $1.46, scoring +21.35% so far. The day before, FTM/USD closed at $1.2003 after reaching a high of $1.3299 and a low of $1.1341. FTM/USD fell for the third consecutive session on Tuesday, reaching a low of $1.14 for the first time since September 5th. Fantom’s price forecast remains bullish as it’s heading north to completed 61.8% Fibonacci at $1.4945 level.
Fantom’s price reached $1.9900 last week, but its prices have been declining for the previous three days. Despite the recent decline, the prices of FTM/USD were still higher and had the potential to rise further.
The smart contract platform Fantom has been one of the stars of the crypto market this year.
Fantom FTM rallied about 17000% since the start of 2021
A couple of weeks ago, the native token of Fantom FTM rallied about 17000% since the start of 2021. Despite the recent correction, the FTM/USD price was still higher on board than it had been since early 2021. The cryptocurrency has a market cap of around $3.2 billion and is ranked as the 49th most valuable cryptocurrency globally.
The Fantom gathered attraction in August as a competition on the Ethereum network. Ethereum is considered the top smart contract platform in the blockchain industry, but the higher costs and network congestion have raised the chances for other smart contract platforms like Fantom to compete.
Fantom is a layer one smart contract platform that utilizes a directed acyclic graph architecture to solve the problems of slow transaction speeds and high transition fees. The recent launch of a 370 million FTM incentive program, as well as a significant increase in social media engagement and a continued increase in the amount of value locked on the protocol, contributed to a rally in FTM/USD, pushing its prices to an all-time high near $2 in August.
However, since then, the prices have seen a sudden decline, mainly because of corrections and profit booking. The recent decline in FTM/USD could also be defined as a correction as there has been no negative development surrounding the ecosystem of Fantom.
Fantom Technical Levels – 61.8% Fibonacci Retracement at 1.4945
Support Resistance
1.1129 1.3087
1.0256 1.4172
0.9171 1.5045
Pivot Point: 1.2214
Fantom Price Forecast – FTM to complete 61.8% Fibonacci Retracement at 1.4945
Fantom’s price forecast remains bullish as it’s heading north to completed 61.8% Fibonacci Retracement at 1.4945 level. On the 4-hour timeframe, the FTM/USD faces a significant 1.49 level extended by a 61.8% Fibonacci correction level.
Moreover, a 50-day exponential moving average is also providing a strong resistance at the 1.4520 level. The closing of candles below this particular area suggests an intense selling bias in Fantom.
On the bullish side, the breakout of the 1.4945 level can extend a bullish trend until the 1.5613 and 1.7098 levels. Whereas the breakout of the support level of 1.4227 can push Fantom lower towards 38.2% Fibonacci level of 1.3547 level. The breakout of 1.3547 can drive further selling trend until 1.2733 support level.
On the 4 hour timeframe. Fantom is forming a Doji candle which is followed by a strong bullish trend. Typically such a pattern can drive a bearish correction in the market. With that being said, the investors are likely to open a sell trade below the 1.4945 level with a target of 1.4227 and 1.3547 levels. The FTM/USD’s Stochastic RSI indicator has entered the overbought zone, suggesting chances of a bearish correction in the pair. Thus, Forex trading participants may look for a sell trade below the $1.4945 level to the target of $1.4227 and $1.3548. Alternatively, we may see buying trades above the $1.4945 level. All the best.
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