Kinguin WW
  • Sat. Nov 26th, 2022

When to buy Fantom token as price stays clear of the breakout zone

ByNdasi Tata

Jul 24, 2022
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AliExpress WW
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ChicMe WW
  • Fantom token holds above $0.288 breakout support

  • The cryptocurrency is strong but is stalling as most tokens endure market corrections.

  • Investors should wait to buy FTM after a retracement, potentially towards $0.288

Fantom FTM/USD is one of the cryptocurrencies that has staged recoveries recently. The cryptocurrency breached key resistance at $0.288 following strong gains. The breakout opened a potential for lasting recoveries, which remains intact.

Don’t get it wrong; FTM is not yet a buy as most cryptocurrencies start corrections. Fantom token has held to the robust gains, with up to a 5% surge as of the time of writing. We still believe FTM will correct it, and buyers should be looking for another bullish ride. The key question now is; when?

Fantom token hits a resistance pointing to a potential correction

1658602443739 135b536f 4f6b 40ad 85e7 ee0d1b2e9f2eSource – TradingView

On a lower time frame, FTM has hit resistance at $0.34. The cryptocurrency is holding onto the resistance, but the bullish strength remains weak. The shorter-term 14-day and 21-day moving averages continue to support the price. We believe short-term investors should be defensive at the current level as FTM remains vulnerable.

 The correction could see the price crash back below the moving averages. The token could find support at $0.31 or $0.30, although the established level is at $0.288. If FTM regains strength, the price could reverse at the intersection with the moving averages. The token has already been making higher highs and higher lows. As a result, we can’t rule out a potential break past $0.34. What we insist on now is that FTM keeps the $0.288 intact, which is the reference bottom price.

Concluding thoughts

Although a correction is imminent on the Fantom token, it is still a hold. However, new buyers should consider buying lower. The potential levels to watch are $0.31, $0.30, and $0.288.

The post When to buy Fantom token as price stays clear of the breakout zone appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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