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FANTOM – ALTCOIN CHART ANALYSIS

 


Fantom (FTM) was also hit hard by the recent crash. In the meantime we have been below USD 0.20. Here, however, we were quickly bought up again and were able to rise to around USD 0.43.


We are currently trading at around USD 0.32, which is well below our high again. This is because we found initial resistance at the 4H-EMA Ribbons and were rejected.


Now we seem to be fighting for the monthly support S1. If we don't manage to conquer it again, another setback to the area around USD 0.20 could follow, where there is an important key level and there is a lot of liquidity.


On the daily chart, we can see that FTM has tested a very important level, which was previously resistance in July 2021. We have also filled many illiquid zones with liquidity.


Thus, the area around USD 0.20 is a crucial area, which we should not break through for long. However, since we are currently unable to see a trend reversal on the daily chart, there is a high probability that we will fall for it again.


On the daily chart we have formed a large wick which could yet be filled and at the same time trigger a bullish divergence in the RSI. This would be a first sign of a potential bottom and trend reversal.

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