Currently, the price of Fantom (FTM) is $1.35. To determine the optimal buy and sell points for FTM, we need to perform technical analysis and consider relevant market factors.
Technical Analysis:
• Moving Averages: On the daily time frame, the 50-day moving average (SMA 50) of FTM is trending upwards, indicating a short-term bullish trend. However, the 200-day moving average (SMA 200) has not yet confirmed a long-term bullish trend.
• Relative Strength Index (RSI): The current RSI is at a neutral level, indicating that the market shows no signs of being overbought or oversold.
Support and Resistance Levels:
• Support: The nearest support level for FTM is around $1.22, which is a price that FTM has tested several times in the past and shows strong buying pressure.
• Resistance: The key resistance level is around $1.50, which is a price that FTM has struggled to surpass in previous rallies.
Trading Strategy:
• Buy Point: If the price of FTM drops near the support level of $1.22 and a bullish reversal signal appears (such as a bullish reversal candle pattern or RSI indicating oversold), this could be a potential buy point.
• Sell Point: If the price of FTM approaches the resistance level of $1.50 and a bearish reversal signal appears (such as a bearish reversal candle pattern or RSI indicating overbought), this could be a reasonable sell point.
Important Note:
• Risk Management: Cryptocurrency trading is highly volatile and carries significant risk. Please use stop-loss orders to protect your capital and avoid large losses.