Fantom (FTM) bounces back with a 5% rally in over 24 hours after it hit a massive low yesterday. On-chain metrics hint at a bull run. Still, buyers are still advised to be extra cautious. FTM rallied 5% in the past 24 hours Fantom’s on-chain metrics hinting a bullish movement FTM experiencing strong selling pressure FTM bulls are still trying to push through the resistance. Evidently, the downward movement in the past couple of weeks highlights that the lower timeframe is generally bearish. Related Reading: BNB Price Watch: The Charts Look Good For Traders – More Green On The Plate? Fantom Down Since August Judging by the 12-hour chart, FTM is seen to spiral downward which has been in progress since August when Fantom breached below $0.38 as it retests the $0.33 resistance zone and key support at $0.286. A higher timeframe range was also spotted on the charts from $0.31 to $.53. Notably, the $0.412 range has been the resistance and support level as seen since May. Chart: TradingView.com The two-hour chart for FTM reveals that another range may be formed. One was able to reach the range of $0.242 to 0.217. According to CoinMarketCap, FTM price has slumped by 5.41% or trading at $0.2221 as of this writing. While there is a possibility of a breach, the positioning of FTM sets it for a downtrend, especially with the increase in selling opportunities. FTM RSI At 64, Hinting At A Bullish Movement The crypto’s relative strength...
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