Bulls may exert more pressure in Fantom Market
In case sellers gather enough pressure to break down the support level of $18, then, the $0.16 and $0.14 levels may be tested. Should there is an increase in the buyers’ pressure, the price may increase to break up the $0.20 level and expose Fantom to $0.22 and $0.23 resistance levels.
Fantom Price Analysis – 16 November
Resistance levels: $0.20, $0.22, $0.23
Support levels: $0.18, $0.16, $0.14
FTMUSD Long-term Trend: Bearish
Fantom is on the bearish movement in the daily chart. The support level of $18 holds when the bears pushed down the price last month. Meanwhile, the coin has been under the control of the sellers for many weeks. The price reversed and increased to the resistance level of $0.28. On 05 November, an inverted pin bar formed which indicates that sellers are ready to dominate the market. The price declines to the support level of $0.18. The coin is currently pulling back.
Fantom price is trading below the 9-periods EMA and 21-periods EMA at close contact indicating bearish momentum. The relative strength index period 14 is at 42 levels with the signal line pointing upside indicating a buy signal. In case sellers gather enough pressure to break down the support level of $18, then, the $0.16 and $0.14 levels may be tested. Should there is an increase in the buyers’ pressure, the price may increase to break up $0.20 level and expose the price to $0.22 and $0.23 resistance levels.
FTMUSD Medium-term Trend: Bullish
Fantom is on the bullish movement in the medium-term outlook. The bulls are currently gathering momentum to push up prices. The low of $0.18 support levels have been tested and the price consolidates for a few hours. The bulls are gaining pressure gradually. The price is increasing toward the resistance level of $0.20.
The 9-periods EMA is crossing the 21-period EMA to establish a bullish trend. The Relative Strength Index period 14 is at 53 levels and the signal line pointing up indicates a buy signal