The price of Fantom (FTM) shows strength and could be set for a major run against Tether (USDT) with eyes set on $0.7.
Bitcoin’s (BTC) price saw a bounce from $23,000 to $24,800 as the favorable news from the consumer price Index (CPI) saw a good response across the boards in the crypto market. As a consequence, the price of Fantom was able to try and break out of its range.
The consumer price Index measures inflation in the economy, due to market sentiments this affects the prices of assets. (Data feeds from Binance)
Fantom Price Analysis On The Weekly Chart
From the chart, the price of FTM saw a weekly low of around $0.2, which bounced from that area and rallied to a price of $0.4.
The price has built more momentum as it faces resistance at $0.4.
If the price of FTM on the weekly chart continues with this bullish structure, it could quickly revisit $0.7.
Weekly resistance for the price of FTM – $0.4.
Weekly support for the price of FTM – $0.2.
Price Analysis Of FTM On The Daily (1D) Chart
The price of FTM found strong support at around $0.2, with what seems to be an area of interest on the daily chart.
FTM bounced from its support and rallied as it faces resistance to break above a ranging channel and has continued to move in range.
At the time of writing, the price of FTM is at $0.39, above the 50 Exponential Moving Average with a price at $0.33 trying to break above a ranging channel to the upside.
FTM is facing a resistance of $0.4 to break the channel, If the price of FTM breaks above the $0.4 resistance with good volume the price of FTM could rally to a high of $0.7.
The Relative Strength Index (RSI) for the price of FTM on the daily chart is above 65, indicating healthy buy bids for FTM.
The volume for FTM indicates buy bids, this shows bulls would want to push the price higher.
Daily (1D) resistance for FTM price – $0.4.
Daily (1D) support for FTM price – $0.33, $0.3.
Price Analysis OF FTM On The Four-Hourly (4H) Chart
The price of FTM has continued to maintain its bullish structure despite facing resistance at $0.4 trying to break out of a ranging channel.
FTM is trading above the 50 and 200 EMA with prices of $0.372 and $0.33 acting as its support on the 4H chart, as the price faces resistance at $0.4.
If the price of FTM breaks above the channel with a good volume we could see prices trending to $0.7, In case FTM is unable to break and experience a sell-off, 50 and 200 EMA prices would act as support for FTM prices.
Four-Hourly (4H) resistance for FTM price – $0.4.
Four-Hourly (4h) support for FTM price – $0.372, $0.33.
Featured image from zipmex, Charts from TradingView.com
