THELOGICALINDIAN - Fantoms contempo amount activity suggests that it could accomplish a move against new alltime highs
Fantom still looks bullish admitting the acute animation in the cryptocurrency markets. The Layer 1 blockchain’s FTM badge has rebounded from acute abutment with little to no attrition ahead.
Fantom Looks Primed for Higher Highs
Fantom’s uptrend looks able admitting the 30% alteration it suffered afterwards authoritative a new all-time high at about $3.50.
The Proof-of-Stake chain’s FTM badge is currently sitting on top of a cogent abutment barrier represented by the lower abuttals of a alongside approach that has developed on its 12-hour blueprint back mid-September. Every time FTM has risen to this abstruse formation’s high trendline, it has been alone and retraced to the pattern’s lower edge. From this point, it tends to rebound, which is constant with the characteristics of a alongside channel.
Following Fantom’s contempo 30% correction, the channel’s lower trendline has captivated and accustomed prices to partially recover. Further affairs burden about the accepted amount levels could advance FTM against the channel’s average or high trendline, area attrition sits at $3.50 and $4.50 respectively.
It is account acquainted that the abutment area amid $2.50 and $2.30 should comedy a basic role in Fantom’s uptrend. A fasten in affairs burden that pushes FTM beneath this acute appeal barrier could invalidate the optimistic outlook, potentially arch to a 20% amend against $1.90.
Disclosure: At the time of writing, the columnist of this affection endemic BTC and ETH.
