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Fantom Price Analysis - FTM Surges 17.5% This Week After Gemini Listing - Can It Break The Falling Wedge?

Analytics

coincodex.com 18 June 2021 12:33, UTC
  
Reading time: ~5 m

Key highlights:

  • FTM is up by a strong 9% today as the cryptocurrency rises past $0.3 to hit $0.328
  • The cryptocurrency remains inside a falling wedge pattern and is currently challenging the upper boundary of the wedge
  • Against Bitcoin, FTM rebounded from support at 660 SAT earlier in the week and reached above 900 SAT today
Fantom price $0.33
Key FTM resistance levels $0.35, $0.40, $0.45, $0.49, $0.5
Key FTM support levels $0.3, $0.27, $0.25, $0.228, $0.20

*Price at the time of publication


FTM is up by a strong 9% today, allowing the cryptocurrency to break past $0.3 and hit $0.328 today. The cryptocurrency is now up by a total of 17.5% over the week as it currently tests the upper boundary of the falling wedge pattern that it currently trades within. 

Fantom is the first DAG-based Layer-1 blockchain and smart contract platform that aims to be a key player in DeFi. It uses the Asynchronous Byzantine Fault Tolerance (aBFT) algorithm, which has a DAG consensus mechanism. This type of architecture allows the Fantom Network to be highly scalable and efficient, allowing it to conduct transactions with significant speed without sacrificing on decentralization.

The price surge today was primarily caused by Gemini listing the asset to its US-based exchange. This now allows US citizens to easily buy and sell FTM on their platform. The exchange, created by Cameron and Tyler Winklevoss, is one of the few regulated exchanges in the US, and the FTM listing could open up the door to new potential investors in this Ethereum rival.

Fantom is now ranked in the 82nd position as it currently holds a $822 million market cap value.

Let us continue to take a look at the markets and see where they might be heading.

Fantom price analysis

What has been going on?

Looking at the daily chart above, we can see that FTM set a new ATH at $0.95 during mid-May, where it ran into resistance at a 1.618 Fibonacci Extension level. Unfortunately, the market dynamics in May were extremely poor across the board and FTM rolled over from three and started to collapse during the capitulation.

The coin continued to drop in May until support was found at $0.25. There, FTM rebounded and started to attempt to climb higher again but was stalled by the resistance at $0.4 at the start of June, provided by a bearish .236 Fibonacci Retracement level.

FTM then started to head lower as June began trading and continued to fall until support was found at $0.228 (.886 Fib Retracement).

It rebounded from this support at the start of this week and began to head higher. Yesterday, FTM managed to breach resistance at $0.3, and it surged into the upper boundary of the wedge pattern that it currently trades within.  

Fantom Network price short-term prediction: Neutral

FTM can be considered neutral again as it trades inside the wedge. The cryptocurrency would have to break resistance at $0.5 to turn bullish in the short term. On the other side, a closing candle beneath $0.228 would certainly turn the market bearish in the short term.

If the sellers do push lower, the first level of support is expected at $0.3. This is followed by support at $0.28, $0.25, and then $0.228 (.886 Fib Retracement).

Beneath $0.228, added support lies at $0.2, $0.185, and $0.15.

Where is the resistance toward the upside?

On the other side, the first resistance lies at the upper boundary of the current falling wedge. This is followed by resistance at $0.35, $0.4 (bearish .236 Fib Retracement), $0.45, and $0.5 (bearish .382 Fib Retracement).

Above $0.5, resistance is located at $0.55, $0.575 (bearish .5 Fib Retracement), $0.6, and $0.656 (bearish .618 Fib Retracement).

FTM/BTC price analysis

What has been going on?

FTM has also been struggling recently against Bitcoin. It had peaked at around 1600 SAT in May and started to head lower from there during the mid-May market wipeout. It continued to plummet until support was found at around 700 SAT. 

FTM attempted to rebound in early June but was unable to overcome resistance at 1000 SAT. It headed lower over the past fortnight until support was found at 661 SAT (.886 Fib Retracement) last week. 

FTM rebounded from this support and started to head over the week. It broke above 800 SAT yesterday and hit as high as 900 SAT today. 

Fantom Network price short-term prediction: Neutral 

FTM is considered neutral against BTC and would have to close beneath the 661 SAT 9.886 Fib Retracement) support to turn bearish in the short term. On the other side, it would need to break 1000 SAT to turn bullish again. 

If the bears push the market lower, the first support lies at 800 SAT. this is followed by support at 750 SAT, 700 SAT, 660 SAT (.886 Fib Retracement), 600 SAT, and 582 SAT.

Where is the resistance toward the upside?

On the other side, the first level of strong resistance lies at 940 SAT (bearish .236 Fib Retracement). This is followed by resistance at 1000 SAT, 1115 SAT (bearish .382 Fib Retracement), 1200 SAT, and 1260 SAT (bearish .5 Fib Retracement).

Additional resistance lies at 1400 SAT (bearish .618 Fib), 1500 SAT, and 1600 SAT.


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