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28 March 2024
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Fantom coin price analysis: Fantom looks to reverse post reverse cup and handle pattern

  • Fantom coin has formed consecutive strong bullish candles on the daily charts
  • The coin is looking to make a comeback post the bearish cup and handle pattern
  • Volumes have been growing for the coin during the last few trading hours.
Tradingview

Fantom coin had formed a reverse cup and handle pattern on the daily charts in the months of October and November. This is a bearish trend signal and the coin did drop after the completion of the pattern. The coin fell to the level of $ 1.30 where it formed a strong support. The coin has since been trading in the range between the support and the cup and handle base line ($ 1.80) . The RSI indicator indicates neutrality with a bullish bias for the coin. The last two candles on the daily charts have been bullish. Yesterday the coin formed a piercing bullish candle which was backed up by a marubozu bullish candle today (at the time of article being written).

Tradingview

The Fantom coin had reached a resistance level on the hourly charts after which it made a fall for a brief period before breaking the resistance level at $ 1.590. The coin made a strong bullish candle while breaking the resistance. The coin is now testing the newly formed support (earlier this level was the resistance). The coin also has good support zones at $ 1.30. The volumes have been very good over the last few trading hours hinting at a possible uptrend.

Conclusion: Traders can express caution at the level of $ 1.590 and check if the coin is able to successfully test the support line ($ 1.590). If the coin is able to stay above the support the coin could be headed for a bullish run for the next few trading sessions goin by the indications on the daily chart.

Support: $ 1.590 and $ 1.30

Resistance: $ 1.80

DISCLAIMER – The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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