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What these signs indicate about Fantom crossing the $2-mark

2021-10-21
in Altcoins
0
What these signs indicate about Fantom crossing the $2-mark
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Fantom has had a stellar efficiency over the past month after witnessing a interval of stagnation in mid-September. A close to 100% hike in valuation in the course of the second week of October accelerated FTM’s efficiency because the alt smashed previous the $2-mark and set new data.

Nevertheless, as FTM overcame new milestones every week, some indicators of exhaustion had been starting to catch as much as the alt’s present bull run.

Bearish divergences alongside the RSI and an unfavorable crossover on the MACD instructed that FTM might take a step again earlier than commencing the following upwards run. On the time of writing, FTM traded at $2.32, down by 6.2% over the past 24 hours.

Fantom 4-hour Chart

Supply: FTM/USD, TradingView

A number of market uncertainties had been creeping into the market after Fantom was unable to scale previous the 61.8% Fibonacci Extension of its 15 October low. A double prime round $2.46 induced some promoting strain as buyers cashed out on FTM’s staggering rally.

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If bears are capable of minimize beneath the confluence of the 50-SMA (yellow) and 23.6% Fibonacci Extension, the market can be uncovered to a drawdown in the direction of the neckline at $2. A detailed beneath this neckline can culminate right into a 12% sell-off.

General, these losses would signify a close to 30% drawdown from FTM’s press time stage. In the meantime, consumers can look to punch again the $1.67 and $1.77 help ranges.

Reasoning 

Now, regardless that FTM snapped two peaks on the 61.8% Fibonacci Extension, the RSI moved fashioned decrease highs and inched in the direction of the half-line. This bearish divergence indicated that the RSI didn’t conform with FTM’s worth motion and potential retracement was shaping up available in the market.

Secondly, the MACD’s witnessed its first bearish crossover in 11 days- an indication that bulls had been progressively shedding momentum. Equally, the Directional Motion Index was additionally on the cusp of a bearish crossover because the -DI line inched nearer to the + DI line.

Conclusion 

FTM stared on the barrel of a close to 30% decline after forming a double prime at round $2.46. This sample was compounded by bearish indicators alongside the MACD, RSI and DMI as effectively. Over the near-term, FTM might make its option to the $2-mark, from the place $1.67 and $1.77 help can be beneath the limelight.

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