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FxWirePro- FTMUSD (Chart of the day)

Thu, 11 Apr 2024, 09:55 am UTC

Fantom is a highly scalable blockchain platform for DeFi, crypto dApps, and enterprise applications. It is a fast, high-throughput open-source smart contract platform for digital assets and dApps.

FTMUSD was one of the best performers the previous week.

Any weekly close above $1.25 confirms further bullishness.

FTMUSD was the best performer and surged more than 35% in the past five days. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $1.0429 and is currently trading around $0.9800.

The bullish invalidation can happen if the pair closes below $0.30. On the lower side, the near-term support is $0.75. Any break below targets $0.56/$0.40/$0.30. significant downtrend if it breaks $0.30.

The immediate resistance stands at around $1.25. Any breach above confirms a minor pullback. A jump to $1.35/$1.50/$1.68 is possible. A surge past $1.68 will take FTM to $2.

It is good to buy on dips around $0.80 with SL around $0.56 for TP of $1.50/$2.

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