Market

Fantom (FTM) hits its highest daily close ever

Fantom (FTM) barely made a new all-time high and has been falling ever since. She is currently looking for support.

Highest degree ever

FTM has been moving up at a brisk pace since Dec 30 when it confirmed the previous descending resistance line as support. The upward move led to a high of $3.37 on Jan. 17. Although this is below the all-time high of $3.48, the Jan. 16 close was the highest in history.

Currently, FTM is attempting to stay above the $3.15 horizontal zone. This zone previously acted as resistance and is expected to act as support. Therefore, the current daily closing price is very important for future development. A close above this level would confirm this zone as support and potentially lead to a new all-time high.

Source: TradingView

Future movement

However, the six-hour chart suggests that a short-term pullback may be on the cards before the ongoing rally resumes.

The main reason for this is a bearish divergence that has formed on both the RSI and MACD (green line). This usually precedes down moves.

If the pullback occurs, the key support area is $2-$2.26, 0.5-0.618 Fib retracement support.

This would be an ideal spot for FTM to make a higher low and then continue its upward move.

 

Between October and December 21st (highlighted) there was significant overlap in decline. Therefore, the decline is likely to be a correction, while the sustained rise is the start of a new long-term uptrend.

So, if FTM makes a new all-time high, the next resistance will be $4.85. This zone was found using the external Fib retracement level of 1.61 on the drop mentioned above.

 Source: TradingView

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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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