Fantom Hits Resistance After 50% Upswing

Fantom Hits Resistance After 50% Upswing

THELOGICALINDIAN - Fantoms FTM badge has encountered a arduous hurdle on its uptrend

Fantom has managed to balance decidedly from the declivity it entered in backward January. Still, there is one hurdle FTM charge affected to be able to advance to greener pastures. 

Fantom at Make-or-Break Point

Fantom is aerial as it attempts to bolt up with the blow of the market. 

Fantom suffered a abrupt alteration that began in backward January to hit a annual low of $1.04 on Mar. 14. The Layer 1 badge appears to accept formed a bounded basal because its amount has risen by added than 50% back then. Although a few obstacles are ahead, FTM may accept the backbone to beforehand further. 

From a abstruse perspective, it appears that Fantom has met annealed attrition afterwards the contempo upswing. The 50-day affective boilerplate at $1.54 seems to be befitting FTM at bay, preventing it from authoritative college highs. A absolute circadian candlestick abutting aloft this attrition akin and the 61.8% Fibonacci retracement akin at $1.63 could animate alone investors to get aback in the market. 

After breaching such a analytical attrition zone, a fasten in affairs burden could actuate Fantom appear the abutting accumulation breadth amid the 50% and 38.2% Fibonacci retracement levels. These key attrition credibility sit at $1.87 and $2.15, respectively.

Although things arise to be attractive up for Fantom, cat-and-mouse for a abiding abutting aloft the $1.54-$1.63 attrition bank is imperative. Failing to affected this analytical hurdle could aftereffect in a fasten in profit-taking, blame FTM aback down. Under such different circumstances, the Layer 1 badge would acceptable dive to the contempo low at $1.04 to attack to anatomy a bifold basal pattern.  

Disclosure: At the time of writing, the columnist of this allotment endemic BTC and ETH.