Fantom Technical Analysis: FTM/USD massive 50% surge towards $0.01
- FTM/USD is up 50% hitting $0.0101 on Binance.
- Fantom has seen a massive spike in trading volume after the bull breakout.
Fantom was up by almost 71% after a tremendous bull rally towards $0.01 from a low of $0.0059. It’s unclear what caused the explosion although this recent announcement could be one of the causes:
"Even throughout the global pandemic, we’re proud to have been able to keep building with the V-ID team as we go forward. ...we’re exceedingly optimistic for the months to come." Michael Chen, FTM
— V-ID (@v_id_blockchain) July 2, 2020
We are too Michael! https://t.co/4CrLJ7C3Wt#blockchain #certification $VIDT
Apparently a big whale also bought a lot of Fantom coins considering the digital asset as extremely undervalued.
FTM/USD daily chart
Obviously, after this huge pump, FTM is extremely bullish although the daily chart was already in an uptrend for quite some time. The 12-EMA and the 26-EMA were basically crossing bearishly until the explosion. They are now bullish again just like the MACD. The daily RSI is only slightly overextended but could be ignored by the bulls if the momentum is strong enough.
FTM/USD 4-hour chart
Zooming in we can see the move didn’t just happen over a period of a few minutes but almost eight hours. It started with a decent 4% jump to $0.0064 followed by a super 14% surge towards $0.0074. The trading volume was still relatively low until the next 4-hour candlestick that took FTM to $0.01.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
