Fantom Remains under Pressure as ChainLink Breaks Above Resistance
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
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
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!