Fantom (FTM) Crypto Price Bounces 34% off MAs, Confirming the Strong Bullish Momentum

Some cryptocurrencies have shown incredible resilience recently, despite the whipsaws in the crypto market, especially in the last week. As we have mentioned several times in recent days, this group of cryptos includes Solana (SOL), Cardano (ADA), Polkadot (DOT), etc., but most of them have now joined the rest of the market, retracing down, with the exception of two cryptocurrencies, namely Fantom and Avalanche, which continue to show bullish momentum.

Fantom Analysis – FTM/USD Bouncing Off the 20 SMA

Fantom has made some massive gains since the bearish period ended in the crypto market. It recovered from a low of around $0.15, picking up pace at the end of August, when it started to surge higher. The price got pretty close to $2 a week ago, which means an increase of 1,300% in less than two months.

It continued the bullish momentum for another two days, after the crypto market turned bearish on Tuesday last week, but the real bullish signal is the bounce that started yesterday. The price got close to the 20 SMA (gray) on the daily chart and bounced higher from there.

Fantom Live Chart

Fantom is a smart contract platform. Earlier in September, the Atari Chain team announced that they were going to start using Fantom for their DeFi platform. It is super fast and enables users to play games with ATRI tokens, and trading and staking are also possible.

That made a significant contribution to the strong rally in FTM/USD, and it is still a valid reason for Fantom to continue surging higher, since Atari is a big name and will increase the demand for the use of the Fantom platform. The 20 daily SMA was a great place to buy FTM tokens, and the bounce should continue rising, above last week’s high.

Fantom bounced off the 100 SMA on the H4 chart

Switching to the H4 chart, we see that the 20 SMA (gray) was acting as support during September, pushing the price higher. That shows that the uptrend was quite strong. Then the 50 SMA (yellow) turned into support for a day, and eventually that moving average was broken as well.

The decline continued until the FTM/USD reached the 100 SMA daily (green) and bounced off that moving average. Although, this crypto token is facing the 20 SMA as resistance now, and the stochastic indicator is overbought, but the pace of the bounce has been so strong that it should be enough to push above this moving average soon, which will then turn into support. So, Fantom is resuming the bullish trend, and those who are long should hold onto their trades, since now, after the retreat, the market is turning bullish as well.