Fantom (FTM) Crypto Resumes the Bullish Momentum, Cardano (ADA) Price Ready for A Breakout

Cardano and Fantom are two similar networks, but have been performing differently in October

Skerdian Meta•Monday, October 18, 2021•2 min read

Fantom bouncing off the established support zone around $2

The crypto market seems to be divided into to groups now, one group are the bullish cryptocurrencies such as Ethereum and Bitcoin which have been making decent gains in October, on the other group are cryptos such as Ripple and Litecoin which look quite boring, with slow price action.

Fantom Daily Chart Analysis – September’s High Turns Into Support

Fantom is part of the first group, after having shown resilience in October. It pulled back in September from below $2 to below $1, which was the high from back in May and it turned into support. The price surged to $2.50, most of the gains coming in October, after some positive events for Fantom.

OpenOcean which is one of the leading DeFi (decentralized finance) and CeFi (centralized finance) aggregation protocols has announced that it would partner with Fantom. This will offer users more trading opportunities and prices. The other leading DeFi project, yearn.finance also announced that it would expand its multi-chain, incorporating Fantom blockchain’s DeFi ecosystem. Around the same time, Nansen which is a known data analytics provider, announced its support for Fantom.

So, all these events have helped keep Fantom bullish during October and over the weekend we saw a bounce off the support. The previous high which comes just below $2, seems to have turned into support now, so that’s a new base for FTM/USD. We’re still long on our FTM/BTC signal and are keeping it open as the bullish momentum here seems to continue.

Cardano Daily Chart Analysis – Getting Squeezed Between 2 MAs

Cardano is part of the second group of cryptos. It hasn’t shown any signs of life for about three weeks now. We see that moving averages are squeezing Cardano in between them, with the 100 SMA (green) acting as support, while the 20 SMA (gray) and the 50 SMA (yellow) are acting as resistance above.

The trading range is getting narrower and a breakout is about to take place on either side. The upside is more favourable, since the momentum in the crypto market has been bullish for two weeks. The adoption of Cardano has increased too, but that hasn’t been helping the price much.

Cardano Coin ADA Live Chart

[[ADA/USD-graph]]

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.