Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- The trendline resistance might halt and even reverse latest positive factors.
- The $0.4 space has served as vital assist all through March.
Fantom [FTM] rallied strongly from a zone of assist the bulls established across the $0.4 mark. Previously 36 hours, the worth rallied by nearly 18% from the swing low at $0.4096 to the swing excessive at $0.467.
Learn Fantom’s [FTM] Worth Prediction 2023-24
In different information, Fantom introduced its intent to change the necessities for validator staking on 25 March. The brand new proposal had vital modifications that might have noticeable penalties within the processes and necessities for validators.
The resistance from the amount profile might halt the bullish advance
Supply: FTM/USDT on TradingView
In orange, a trendline resistance was plotted. This captured the short-term downtrend that FTM had been on. On the upper timeframe charts, this was a pullback after the rally from $0.31 to $0.52 earlier this month.
Alongside the trendline resistance, the Seen Vary Quantity Profile confirmed that the Level of Management (crimson) additionally sat at $0.46. This was a confluence of resistances that might see the rally shift right into a consolidation section over the following few days.
FTM merchants can count on some decrease timeframe ranging value motion within the coming hours. Thereafter, whether or not a breakout upward or rejection at $0.46 adopted remained to be seen. The OBV has been rising in March and indicated regular demand.
The RSI was on the verge of closing a session above impartial 50, which might be an indication that momentum had shifted in bullish favor.
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Indicators of network-wide accumulation hinted at a bullish breakout
Supply: Santiment
Though rejection at resistance was doable, the on-chain metrics confirmed a continued transfer upward was extra possible. The 90-day imply coin age has been on an uptrend since mid-February. It noticed a pointy dip on 13 March, when FTM examined the $0.4 space as resistance. The transfer again above $0.4 emboldened the bulls.
The 30-day MVRV ratio was near zero and indicated that there was room for the development to go increased. Revenue-taking and the added promoting stress weren’t but a priority for merchants, based on this metric.
