Fantom Token Holds Above $0.288 Breaking Support
Cryptocurrencies are strong but stagnated as most coins undergo market corrections.
Investors should wait to buy FTM after retracement, possibly to $0.288
Fantom FTM/USD is one of the cryptocurrencies that has recently started to recover. After a strong rise, the cryptocurrency broke above key resistance at $0.288. The breakthrough unlocked the potential for a lasting recovery, and it remains the same.
Don’t get me wrong; FTM is yet to buy as most cryptocurrencies start to correct. Fantom tokens have maintained strong growth, up as much as 5% as of this writing. We still believe FTM will correct it and buyers should look for another bullish opportunity. The key question now is; when?
Fantom token encounters resistance pointing to potential correction
Source – TradingView
On the shorter time frames, FTM has touched resistance at $0.34. The cryptocurrency holds resistance, but bullish forces remain weak. The shorter-term 14-day and 21-day moving averages continue to support prices. We believe that short-term investors should remain defensive at current levels as the FTM remains vulnerable.
A correction could see prices fall back below the moving averages. The coin may find support at $0.31 or $0.30, although the established level is $0.288. If the FTM strengthens again, the price may reverse at the intersection with the moving average. The coin has made higher highs and higher lows. Therefore, we cannot rule out a breakout of $0.34. What we are holding now is that FTM remains unchanged at $0.288, which is the reference floor price.
Although the correction is imminent for the Fantom token, it is still on hold. However, new buyers should consider buying at a lower price. Potential levels to watch are $0.31, $0.30, and $0.288.