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The cryptocurrency market is trading in a mixed manner towards the weekend. Upside risks continue to pressure Fantom (FTM) higher, nearly 106% up since the beginning of October. The bull run marking four straight days of trading in green since Oct. 5 culminates into fresh all-time highs of $2.46 on Oct. 8. At the time of publication, Fantom was exchanging hands at $2.33, up 26.94% in the last 24 hours and 64.99% weekly. On Oct. 7, C.R.E.A.M. Finance announced the next step of its collaboration with Yearn Finance — officially launching the Iron Bank on Fantom. The Iron Bank, though primarily Ethereum-based, is a more flexible version of C.R.E.A.M. v1, allowing peer-to-pool lending for users, as well as whitelisted borrow agreements for protocols. Subsequently, the C.R.E.A.M. Fantom market will be upgraded to Iron Bank Fantom.
Key Levels
Resistance Levels: $3.500, $3.000, $2.469
Support Levels: $1.924, $1.776, $1.5163
FTM/USD Daily Chart: Bullish
FTM/USD Daily Chart
Fantom (FTM) started October on a positive note, propelling its four-day bullish run above the $2 psychological level to all-time highs of $2.46.The steep upside move in the RSI, which is presently above the 70 bullish marks, is promoting more progress in the near term. Bulls will be looking to add to long positions at the top of the flag previous resistance (now support) at $1.99. Maintaining the climb, traders’ primary focus could turn to the $2.5 barrier for initial resistance.
Should the token manage to nudge past this boundary, the price may then navigate for the $3 and $4 hurdles. The break above the current bull flag chart pattern suggests that more upside is likely. Even a retracement is likely to find immediate buyers at the $2 and the $1.55 levels. Rising MA 50 which tracks the present bull-leg since early august offers solid support at $1.15.
FTM/USD 4-Hour Chart: Bullish
FTM/USD 4-Hour Chart
FTM stays on high ground after springing up from the $1.20 support level formed at the positive convergence of the MA 50 and 200 on October 1. A bullish breakout above the $1.54 level after a brief consolidation suggests strong buying interest. Maintaining a decisive bullish tone, The next target for buyers will be near the $3 and then 4 levels. However, it is not often that price moves in a straight line before reaching a target.
The FTM/USD pair may be one of those cases. With near-term resistance just above current levels at $2.46, and the RSI approaching overbought levels on the 4-hour chart, a pullback may be imminent. Buyers may seek to enter support levels at $2 and $1.51 to bring FTM/USD higher. Overall, the general direction remains upward however a correction in the near term to cool off the RSI if overbought conditions are reached cannot be ruled out.
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