Fantom Price Analysis – January 12
As the coin grows to the upside, the price of Fantom is seen moving consistently within the channel.
Resistance levels: $3.5, $3.7, $3.9
Support levels: $2.2, $2.0, $1.8
According to the daily chart, the bulls keep pushing FTM/USD towards the upper boundary of the channel. Since yesterday, the Fantom price continues to trade above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) is preparing to cross into the overbought region, confirming the bullish movement in the market.
Fantom Price Analysis: Would Fantom Price Break to the Upside?
As the daily chart reveals, the Fantom price is currently moving towards the upper boundary of the channel and if the coin continues to maintain its bullish trend, the bulls may cross the channel to reach the resistance levels of $3.5, $3.7, and 3.9. At the time of writing, the price of Fantom shows a tremendous bullish movement within the daily chart.
However, any bearish movement below the 9-day and 21-day moving averages could return the coin to the south and it may likely hit the support levels of $2.2, $2.0, and $1.8 respectively. Meanwhile, the long-term buyers should not be bothered by the small impact on the road, the future of Fantom is assured according to the technical indicator Relative Strength Index (14).
FTM/BTC Market: Price May Cross into the Upside
Against Bitcoin, the Fantom price is hovering above the 9-day and 21-day moving averages with bullish candles. The technical indicator Relative Strength index (14) is likely to cross into the overbought region which may increase the bullish movement. On the contrary, a possible drop may surface once the technical indicator turns and faces downward, and it may likely hit the support level of 5000 SAT and below.
Meanwhile, any further bullish movement above the upper boundary of the channel could push the coin to the resistance level of 7700 SAT and above. However, breaking to the upside could take the coin to a new high and the market may remain in the bullish zone for a while.