Bitcoin and other top crypto tokens moved sharply higher during the early Asian hours on Monday as the Federal regulators decided to restore all deposits at failed Silicon Valley Bank (SIVB) in full and an announcement by Fintech Circle to cover any of its stablecoin USDC reserves.
Currently, Fantom (FTM) is trading at around $0.39, which is a significant 100% increase in price since the start of the year. It had soared even higher in Feb. but hit a snag. A trendline that began in mid-February had prevented FTM from further upside and had caused the coin to dip by about 40% in a descending trendline that would’ve given swing traders great opportunities.
While the trendline has just been claimed, many resistances lie ahead for FTM, including multiple fib levels – such as the golden pocket at $0.48. This provides an opportunity for bears – who will aim to push the price towards the next fib support at $0.37.
The support/resistance flip might have changed the market sentiment, indicated by the fact that FTM’s RSI stands at 65. Additionally, FTM’s 50-day moving average is situated at $0.47, which presents a 20 per cent upside in the short term.
Resistance: $0.42, $0.47, $0.48
Support: $0.37, $0.30, $0.29(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Also read: Paytm shares rise after four sessions of losses; here’s why
Also read: Silicon Valley Bank fallout: 5 reasons why it my not trigger selloff in Indian banking shares?