Fantom Remains under Pressure as ChainLink Breaks Above Resistance - Forex News by FX Leaders
Fantom Remains under Pressure as ChainLink Breaks Above Resistance

Fantom Remains under Pressure as ChainLink Breaks Above Resistance

Posted Wednesday, November 3, 2021 by
Eric Nkando • 2 min read

FTM/USD Faces Bearish Pressure at a Key Level. Can it Rebound?

Fantom (FTM/USD) surged from $2.6 on October 24, but could not surpass the $3.4 resistance level. The pair came under a bearish momentum, piercing the $2.6 support on October 27. FTM/USD made a second attempt to break above the $3.4 resistance on October 28, but the bears took control, forcing it to retest $2.6, which is temporarily acting as support. 

Can FTM/USD break below $2.6?

Fantom has shed 0.31% in the past 24 hours, and has gone down 14.95% in the past week. Overall, the crypto market is gaining some bullishness, after starting the new month at a slow pace. With FTM/USD down, amid overall crypto gains, we could see it claim the $2.4 level.

Let us look at the technical analysis.

FTM/USD 4 Hour Technical Outlook

Fantom Remains under Pressure as ChainLink Breaks Above Resistance

Looking at the 4-hour technical chart above, FTM/USD is trading below the 50 moving average (blue), which is acting as resistance. It is also trading around the 20 MA. The $2.6 minor support is already holding FTM/USD, but it still appears to be under pressure. If FTM/USD drops below the $2.6 support, $2.4 will be the next significant level.

FTM/USD Trade Idea

FTM/USD is facing downward pressure, and we might see it drop further. We only recommend a buy trade if it rises above the moving averages, with the confluence of bullish price signals. If I entered a buy trade, I would set  $2.8 as my immediate profit target. Other potential targets are $3, or the ATH of $3.5. 

LINK/USD Headed for Previous ATH After Clearing Resistance?

ChainLink (LINK/USD) has been contained between the $29 support and the $31.5 resistance since October 27. However, LINK/USD has now broken above the $31.5 resistance, and it was trading at $32.38 at the time of writing. Overall, LINK/USD has gone up by 3.7% in the past 24 hours. Can the pair surge to the ATH?

LINK/USD – 4-Hour Technical Outlook

Fantom Remains under Pressure as ChainLink Breaks Above Resistance

From the 4-hour chart above, LINK/USD has broken above the $31.5 resistance level. The pair is, however, facing near-term resistance at $32.5, where prices have corrected previously. We project that LINK/USD could correct at $32.5 and find support at $31, before going higher.

LINK/USD Trade Idea

LINK/USD remains bullish after a break above $31.5. Although buy trades can be taken at the trading level of $32, I recommend waiting for a short retracement before going long. Good luck!

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