Fantom token has $0.288 breakout support
The cryptocurrency market is strong, but it is stalling because most tokens are subject to market corrections.
FTM investors should not buy FTM until there is a retracement to $0.288
Fantom FTM/USD, one of the cryptocurrency that has recently staged recoveries, is Fantom. After strong gains, the cryptocurrency broke through key resistance at $0.288. This breakout created the potential for long-term recoveries.
FTM is still not a good buy. Most cryptocurrencies begin corrections. The robust gains of Fantom token have held, with a maximum 5% increase as of the time this article was written. FTM will still correct it, so buyers should continue to look for bullish rides. Now the key question is: when?
Fantom token hits resistance, pointing to a possible correction
Source – TradingView
FTM is at resistance at $0.34 on a shorter timeframe. Although the cryptocurrency is holding on to the resistance, the bullish strength of the currency remains weak. The price is supported by the shorter-term moving averages of 14-day and 21 day. Short-term investors should remain cautious at the current level, as FTM is still vulnerable.
This correction could lead to a price drop below the moving averages. Although the current level of $0.288 is supported, support for the token could be found at $0.31 and $0.30. FTM could regain strength and the price may reverse at the intersection of the moving averages. Already, the token has been making higher highs than ever before. We can’t rule a possible break above $0.34. We insist that FTM maintains the $0.288 reference price.
The Fantom token is expected to correct, but it remains a hold. New buyers may want to consider purchasing lower. There are three levels you should be watching: $0.31, $0.30 and $0.288.