- Fantom’s outlook is bullish.
- After a short consolidation, the liquidity charts indicated that it is possible for an upward trend to continue.
Fantom [FTM] The trading volume of Fantom has increased significantly in recent days. Fantom has experienced increased activity. rising dApp volumes It was also a very encouraging experience.
Token was trading under a block of bearish breakers, but the momentum and volume of trades indicated that a breakout in coming days would be likely.
The Fantom Technical Indicators underline Bullish Might
The FTM/USDT trading view
Fantom broke the $0.54 local high that has been active since July. The daily market structure also turned bullish. Directional Movement Index was also indicating a strong trend in the right direction.
Both the indicator’s (+DI) (green), and ADX, were above 20, indicating that there was a significant uptrend. Awesome Oscillator was a reflection of Fantom’s bullish trend over the last four days. Fantom gained 44.7% in just four short days.
CMF at +0.19 showed a significant capital inflow into Fantom. The increased demand over the last week strengthened the bulls and made it more likely that a break out beyond $0.66 was possible.
The $0.9 and $0.66 zones are the next key resistance zones. They were also a significant supply zone in earlier years. Swing traders should be able to buy if the $0.66 area is broken and tested again.
Heatmap of liquidation shows that key levels have been swept
Source: Hyblock
Liquidation heat map showed a pool of liquidity that ranged from $0.546 to $0.626. The zone that was covered during the last week’s rally has now been reduced to a small area around the $0.63 mark.
Is your portfolio green? Check your portfolio Fantom Profit Calculator
This explosive movement usually consolidates briefly, and then moves higher in order to catch the shorts.
This scenario could lead to a slight retracement towards $0.57-$0.58 and then a return of the rally.
Disclaimer: All information provided is the opinion and solely of the writer. The author does not provide any financial or investment advice.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
