Is the Correction Over in FTM Crypto?
Fantom price prediction turned bullish for the next month as well for the long term. Till FTM price sustains above $0.2000 the bulls will remain active and try to absorb the sell-off in future.
FTM crypto price reversed upward and managed to climb above the 50-day EMA. It shows the bulls are getting active and returning back on track.
Furthermore, it denotes the short term bullish trend reversal but confirmation of the final trend reversal is awaited. Trend reversal on a positional basis will come when buyers are able to break the $0.2615 hurdle and sustain the higher levels.
Fantom price took support near $0.1711 and showed a V-shape recovery. At the same time, the buying volume of FTM crypto surges which indicates the presence of genuine buyers.
While recovering, FTM price breakout of the swing high hurdle at $0.2108 which triggered the positive sentiment and fueled the rally.
Moreover, the recent up move boosted the confidence of the long term investors and seems like participation of new buyers has increased. At the time of writing Fantom price is trading at $0.2369 with an intraday rise of 0.68%.
Fantom Price: Bullish Trend Reversal Possible in November
Fantom price prediction is favoring the bulls and suggests that a significant rise in FTM crypto value is possible.
FTM price is in a recovery phase and buyers are trying their best to push the price above the 200-day EMA. If they succeed then the possibility of the bullish trend reversal on a long term basis will substantially increase.
The price pattern of Fantom crypto suggests the recent up move is reliable and FTM may sustain the higher levels. The next phase of recovery will trigger when price breakout of the $0.2615 hurdle.
Correction in FTM Price Has Taken Halt
FTM price formed a bullish engulfing pattern on a weekly time frame. It shows the initial sign of the price reversal and completion of correction.
Meanwhile, the overall crypto market is highly bullish and crypto leader BTC price is near YTD high. So, it improves the market sentiment and positively impacts the prices of other Altcoins.
On the higher side, $0.2615 will act as an immediate hurdle for FTM bulls. If they succeed to break out of the hurdle then the price may begin the journey to reach $0.3122.
Conclusion
Fantom price prediction turned bullish after a surprising recovery in October. The recent up move in the FTM crypto price looks reliable because it is supported by high buying volume.
The analysis suggests that the FTM price is in a recovery mode and more rally is possible in November.
Technical levels
- Resistance levels: $0.2615 and $0.3150
- Support levels: $0.2000 and $0.1711
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
