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Fantom showing buying pressure, sticking to the 100 SMA

Decisive Time for Solana (SOL) and Fantom (FTM) Cryptos, As They Try to Turn Bullish

Posted Thursday, December 23, 2021 by
Skerdian Meta • 2 min read

The decline in cryptocurrencies stopped about two weeks ago and since then the crypto market has been trading sideways, consolidating after suffering huge losses. Although, this looks like a good time to look to buy cryptocurrencies, since this scenario has repeated before, with cryptos consolidating after the crash before they resume the long-term bullish trend again. This week they have given signs that they want to turn bullish, but Fantom and Solana coins are facing some resistance indicators now, so let’s see how the daily chart looks for both these coins.

Fantom Daily Chart Analysis – FTM Facing Resistance and the 100 SMA Below $2

Fantom crypto has been showing strong bearish momentum during November and most of this month, after a strong rally since August, which took the price from $0.20 to $3.50. The previous highs kept turning into support, as the price moved higher but they have been broken again after Fantom lost around 2/3rds of its value, crashing to $1.20.

We were waiting for the price to fall to $1, which would be a great place to buy, but the 200 SMA (purple) held as support and now FTM/USD has been bullish for three days. The 200 SMA was pushing the lows higher for the last two weeks, while this week the jump came as the sentiment started to improve in the crypto market.

Although, now Fantom is facing the 10 daily SMA (green) at the top, as well as the resistance zone below $2. Today, the crypto market is not showing any bullish momentum, yet FTM has made some decent gains in the last 24 hrs, so the chances are that Fantom will overcome the resistance and move above $2 before the end of 2021, especially if the sentiment in the crypto market turns bullish again.

Solana Daily Chart Analysis – SOL Facing the 100 SMA at $185

Solana sticking to the 100 SMA, showing buying pressure

Opposite to Fantom, Solana coin hasn’t shown much weakness during this bearish period in the crypto market. While Fantom lost 2/3rds, SOL/USD didn’t even lose half the value. Solana was finding support at moving averages, but they eventually gave way during the retreat.

Although, Solana tried to turn bullish last week already, while the crypto market was giving no bullish signs. Although, SOL coin hasn’t been able to move above the 100 SMA, which stands at around $185, which is a support and resistance level in itself as well. The news that the former US First Lady, Melania Trump, is going to release an NFT on the Solana network didn’t help the price much. Nonetheless, Solana is sticking to this resistance level, indicating that buyers want to take the price higher. Although, just like Fantom, Solana is waiting for the sentiment to improve in the crypto market so it can resume the bullish trend.

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