© Reuters. Fantom (FTM) Makes Big Move Out of Downtrend
- The crypto trader Bluntz shared that FTM has broken out of its bearish trend.
- Bluntz stated that there is a significant 3 wave move down present on FTM’s chart.
- FTM’s price has increased more than 15% over the last 24 hours according to CMC.
The crypto trader Bluntz (@Bluntz_Capital), tweeted yesterday that the price of Fantom (FTM) has made a big move out of its downtrend on the USD pair and the BTC pair. In the tweet, he added that there is also a macro structure present on FTM’s graph which is “a huge 3 wave move down.”
The trader showed his bullish outlook for FTM by summarizing the tweet with “hard not to be looking for longs on some things now in light of this weekend price action.”
FTM’s value has climbed just above 15% in the last 24 hours according to CoinMarketCap. Additionally, FTM strengthened against the two crypto market leaders, (BTC) and (ETH), by 5.54% and 6.07% respectively. As of now, FTM’s price stands at $0.3876.
Daily chart for FTM/USDT (Source: TradingView)
The cost of FTM broke out of its medium-term bearish pattern over the weekend after it bounced off of the support level at $0.3143 on Saturday. Following this bounce off of the support level, the altcoin’s price skyrocketed past the resistance level at $0.3595 with a 17.71% move yesterday.
FTM’s price is currently trading above the 9-day EMA line — a level which has been a strong resistance level in this bear market. The altcoin’s price also attempted to challenge the resistance level at $0.3982 today but was rejected by the level earlier this morning after reaching a daily high at $0.3999.
FTM’s price might be creating the foundation needed for a big surge tomorrow as traders and investors wait for the U.S. interest rate announcements which will be made tomorrow.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Fantom (FTM) Makes Big Move Out of Downtrend appeared first on Coin Edition.
See original on CoinEdition
