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Bitcoin is still trading below the $57,000 threshold. As a result, this limits gains for other cryptocurrencies such as Fantom, which has been able to claim only minimal gains so far in today’s trading. The token has seen just a 2.34% price increase at the time of writing. Let’s explore more of what’s happening in this market.
FTM Statistics:
Current FTM Price: $0.4841
Fantom Market Cap: $1.36 billion
Fantom Circulating Supply: 2.80 billion
FTM Total Supply: 3.18 billion
Fantom CoinMarketCap Rank: 51
Key Price Levels:
Resistance: $0.5000, $0.6000, $0.7000
Support: $0.4000, $0.3000, $0.2000
Fantom Slows Down Towards the $0.5000 Threshold
Price movement in the FTM/USDT daily market saw a considerable upside move in the previous session. This pushed the market above all the Guppy Multiple Moving Average (GMMA) lines. Currently, trading activity has resumed above the crossing lines of the GMMA indicator.
However, upside momentum seems to have cooled in the ongoing session, considering the size of the current price candle. The Stochastic Relative Strength Index (Stochastic RSI) lines are still projected upwards without deflection, suggesting that the market may continue to progress upward. Let’s take a closer look at the market.
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FTM’s Price Action Continues Facing Challenges
In Fantom’s 4-hour market, price action remains above the GMMA lines. This keeps the market eyeing the psychological price level of $0.5000. The last price candle on the chart is still green, indicating that the price may continue to rise.
Meanwhile, the Stochastic RSI lines are hovering around the 100 mark on the Stochastic RSI indicator. Therefore, traders aiming for a breakthrough at the $0.5000 price should ensure that the crypto signals they use incorporate proper protective measures.
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