coinedition.com
The well-known crypto trader, Altcoin Sherpa, tweeted his analysis for Fantom (FTM) yesterday. According to the tweet, FTM’s price was establishing a low at the time of the tweet and was looking to enter into another leg up in the near future.
FTM’s price seems to have entered into the leg-up predicted by Altcoin Sherpa this morning, as its price has risen 4.28% in the last 24 hours according to CoinMarketCap. FTM has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.61% and 2.11% during the same time period. As a result, FTM’s price stands at $0.4701 at press time.
The daily chart for FTM suggests that the altcoin’s price will continue to rise in the next 24-48 hours given the fresh bullish flag that has triggered between the 9-day and 20-day EMA lines. Currently, the 9-day EMA line is trading above the longer EMA line after the two lines crossed this past Wednesday.
In addition to this, there is a bullish triangle chart pattern that has formed on FTM’s daily chart. This is after the altcoin printed higher lows over the last 2-3 weeks. Should this bullish chart pattern play out, FTM’s price will likely make a move toward the next major resistance level at around $0.5170.
A confident break above this level will see FTM’s price continue its upward move toward $0.5775.
On the other hand, if the bullish chart pattern is invalidated, FTM’s price will look to drop to the closest support level at around $0.4130. A confirmation of this bearish move will be if FTM’s price loses the support of the 9-day EMA line in the next 24 hours.
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.