Phantom (FTM) price pulls back from the 61.8% Fibonacci level on the daily chart, which seems to offer a good buying opportunity for buyers. Also, a bullish reversal could occur with a three-method formation near the $2 mark. This is why a break of the $2.65 mark or the 38.2% Fibonacci level could support a rally to the all-time high of $3.48.
Important Technical Levels
- FTMrose more than 25% in the last two days.
- Price action is forming an ongoing candle of three ascending method formations.
- Intraday trading volume on FTM is around $1.28 billion, up 5%.
FTM remains bullish as it finds support near the 61.80% Fibonacci level, resulting in more than 30% growth from the $2 mark. Also, the rising three-method formation is helping to boost the underlying bullish sentiment.
However, a successful bullish rally above the $3 level awaits a break of the $2.65 level. After that, if the price stays above this level, traders can find the perfect buy spot.
Recent bullish reversal is breaking above the 20-days EMA after finding demand near the ’50-days EMA’. Also, the crucial exponential moving averages (50,100,200) maintain the bullish alignment. Also, the Relative Strength Index (51) is gradually rising as it rises above the central mark on the daily chart.
FTM/USD Chart: 4-Hour Timeframe
On the 4-Hour chart, FTM Price action has shown a resistance level of $2.5. Therefore, traders should be careful and watch out for a reversal near the horizontal level.
The traditional pivot is in great confluence with the key levels of this chart. Based on these pivot levels, crypto traders can expect the next resistance at $2.5, then $3, followed by $3.48 as an important level. On the other hand, support levels are set at $2.15 and $1.65.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.