The well-known crypto trader, Altcoin Sherpa, tweeted his analysis for Fantom (FTM) yesterday. According to the tweet, FTM’s price was establishing a low at the time of the tweet and was looking to enter into another leg up in the near future.
FTM’s price seems to have entered into the leg-up predicted by Altcoin Sherpa this morning, as its price has risen 4.28% in the last 24 hours according to CoinMarketCap. FTM has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.61% and 2.11% during the same time period. As a result, FTM’s price stands at $0.4701 at press time.
Daily chart for FTM/USDT (Source: TradingView)
The daily chart for FTM suggests that the altcoin’s price will continue to rise in the next 24-48 hours given the fresh bullish flag that has triggered between the 9-day and 20-day EMA lines. Currently, the 9-day EMA line is trading above the longer EMA line after the two lines crossed this past Wednesday.
In addition to this, there is a bullish triangle chart pattern that has formed on FTM’s daily chart. This is after the altcoin printed higher lows over the last 2-3 weeks. Should this bullish chart pattern play out, FTM’s price will likely make a move toward the next major resistance level at around $0.5170.
A confident break above this level will see FTM’s price continue its upward move toward $0.5775.
On the other hand, if the bullish chart pattern is invalidated, FTM’s price will look to drop to the closest support level at around $0.4130. A confirmation of this bearish move will be if FTM’s price loses the support of the 9-day EMA line in the next 24 hours.
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Source: Cryptocurrency - investing.com
