Fantom (FTM) rose significantly in December, a break above USD 2.65 should lead to new all-time highs.
Breakout of the descending resistance line
FTM has moved up since it hit a low of $ 1.14 on December 4th. On the same day it produced a very long lower wick, which is considered a sign of pressure to buy (green symbol). On December 14th, the token hit a higher low and continued its upward movement at a breakneck pace. So far it has rebounded 110%, hitting a high of $ 2.59 on Jan 1st.
On December 26th, FTM broke a descending resistance line since its all-time high on October 26th, confirming the correction is complete.
The main resistance area is $ 2.65. A breakout above it is likely to lead to new all-time highs.
Daily FTM / USDT Chart | Source: TradingView
Current movement
Technical indicators on the daily timeframe also support the continuation of the uptrend.
The MACD, formed from the short-term and long-term moving averages (MA), is rising and has exceeded the positive area (green symbol). This means that the short-term MA is moving faster than the long-term MA and supports the continuation of the uptrend.
The RSI, which is a momentum indicator, is rising and is about to cross above 70. This is also a sign that an outbreak is likely.
Daily FTM / USDT Chart | Source: TradingView
The two-hour chart also supports this outlook.
FTM rebounded from the $ 2.45 area that previously acted as resistance. The price then jumped above it on Jan 3rd, confirming it as support.
USDT 2-hour chart | Source: TradingView
FTM / BTC
Similarly, the FTM / BTC pair has been bullish since breaking above the descending resistance line on December 24th. Although it hasn’t hit a new all-time high, the January 1st closing price (green icon) is the highest daily close in history.
Once it breaks the Satoshi resistance area at 5400, FTM is likely to hit a new all-time high.
The next resistance will be at 8000 satoshis created by the 1.61 outer fib retracement resistance.
BTC chart | Source: TradingView
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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