Fantom (FTM) has experienced an upward move in the last 24 hours. According to the tweet from well-known crypto trader Altcoin Sherpa, FTM's price was looking to enter into a new leg up. As per the CoinMarketCap's reports, the altcoin has seen an increase of 4.28% in the price in the last 24 hours, even more it has strengthened by 1.61% and 2.11% against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) respectively. Currently, the price of FTM stands at $0.4701.

The daily chart seems quite promising for FTM, as it points toward another leg-up in the next 24-48 hours. The 9-day and 20-day EMA lines have crossed this past Wednesday, and the 9-day EMA line is currently trading above the longer line. Additionally, a bullish triangle chart pattern has developed in the past 2-3 weeks. This further suggests that the price will likely make a move towards the next major resistance level at around $0.5170. However, if the bullish chart pattern is not validated, FTM’s price may drop towards the nearest support level at $0.4130. If a bearish development does unfold, it will be confirmed if the support of the 9-day EMA line is lost in the next 24 hours.

To sum up, FTM has experienced an uptick in the past 24 hours with price rising by 4.28%. Further, its value has also grown against BTC and ETH. The daily chart also suggests that the altcoin is looking to move up in the short-term. However, if the bullish chart pattern is invalidated, FTM’s price may drop down to the support level at $0.4130 and the event will be confirmed if the 9-day EMA line is not supported in the future. Investors should always do their own research and due diligence before trading or investing in cryptos to stay safe and keep their funds secure.



Other News from Today