Here’s What Fantom’s Recent Higher Low Mean in the Short Term

The crypto industry remains bearish as most market participants reflect fear. Though Bitcoin launched a recovery, it is still vulnerable to plummets within the coming weeks or days. Nevertheless, BTC saw some demand around the $33.5K mark in the near term.

Fantom plummeted from $3 towards the lows of $1.7 as Bitcoin plummeted to $34.5K from value regions of $43K. Meanwhile, Fantom seems to attract buyers despite the downfall. Can the sentiment push the FTM price higher in the short term?

Bitcoin saw a massive fall to $34.5K before bouncing towards $36K in the past few days. However, the crypto plummeted to search buyers and secured them within the $33.5K zone. Meanwhile, most altcoins followed the roller-coaster movement by BTC price. Nevertheless, Fantom printed a higher low near $1.9.

FIB retracement lines for Fantom’s bounce to $2.41 from $1.77 shows $1.9 is a 78.6% retracement mark for the move. Moreover, the level had a long-term support zone confluence. While publishing this article, the alt secured support around $2.16 and tried to surge higher.

The crypto might witness more gains and a potential surge to $2.59 if BTC moves sideways within the coming day or two. . However, FTM should switch the level at $2.32 to support the optimistic move to play out.

Reasoning

The massive crash to $1.77 from $3 had the RSI plummeting towards the oversold region. Nevertheless, the indicators have climbed beyond the neutral (50) level within the last twelve hours. Moreover, the Relative Strength Index stood at 52.1 when FTM rebounded from the 38.2% retracement zone.

Though it might be early to say what that reflects, FTM might surge higher. Nevertheless, the resistance at $2.32 is a massive supply area. The on-balance volume has seen gradual declines within the last week.

However, the OBV saw a significant rise during the past 72 hours. That indicated massive demand accompanying Fantom’s relief rally. Meanwhile, the 27.2% extension mark might act as a near0term bullish aim.

Final Thought

FMT broke its previous bearish structure in the near term when the alt rallied above the lower high of $2.17. While publishing this content, this level shifted to support from resistance. Nevertheless, the resistance at $2.32 showed persistence.

The indicators highlighted decent bullish strength plus massive buying. FTM can see upswings in the coming few days and surge towards the $2.55 – $2.59 range. However, a U-turn from BTC might ruin the upside narrative for FTM.

Editorial credit: Ira Lichi / shutterstock.com