The previous day saw Fantom flourishing, with FTM gaining approximately 7% during the trading day. Meanwhile, lower chart indicators suggested a bullish stance. Yet, caution remained essential for any potential buyer.
Bitcoin remained beneath its crucial resistance at $20,000, whereas Fantom endured a massive selling momentum at around $0.237 within the previous week. Considering the lower timeframe hurdle, Fantom revealed a risky shorting opportunity. However, can bulls ensure further upsides?
Fantom 12Hr Timeframe
The 12hr chart indicated an ongoing downward trend. Meanwhile, Fantom has witnessed this since mid-August. That came after FTM broke beneath the $0.37 higher low to test the support at $0.285 before retesting the $0.32 mark as resistance.
Also, the chart indicated a higher range between $0.21 and $0.42. The range’s mid-point stood at $0.315 and acted as resistance and foothold several times during May sessions. The previous week’s downtrend confirmed a bearish bias for near-term traders.
Fantom 2Hr Timeframe
Also, the 2hr chart displayed another range, extending between $0.234 and $0.219, with $0.227 as the mid-range. While publishing this post, the price headed toward the range peaks, which had represented a massive resistance zone within the last ten days.
A breakout remained possible, though context might be crucial here. Bitcoin remained below its stiff resistance of $20,000. While publishing this post, the bellwether crypto changed hands at $$18,747.67, dropping more than 7% within the last 24 hours.
Moreover, FTM exhibited downtrends in its higher timeframe. A selling opportunity appeared imminent, regardless of uptrends within the last few days. The RSI confirmed a bullish narrative, climbing to 64. However, the OVB exhibited sideways actions within the previous week.
Thus, neither the price action nor the on-balance volume suggested decisive breakouts, despite the massive rebound from range lows. Meanwhile, the token experiences resistance at the mid-September support. This level might prove vital again in the upcoming hours.
Purchasing a token near resistance might work in a massively bullish market. However, Fantom lacked such a trend. The alternative coin leaned toward a long-term downtrend and short-term range.
Hence, enthusiasts can open a low-risk shirt at $0.237. meanwhile, a 1hr closing beyond $0.241 will invalidate this bearish case. Bearish targets could lie at the range lows & mid-range areas.
Editorial credit: Dennis Diatel / shutterstock.com
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