Fantom [FTM] appears to form a range, here's what traders can watch out for
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The establishment of a range could offer a period of consolidation.rallied from $0.16 and reached $0.65 in early February. It represented a 230% move upward, and at the time of writing FTM traded near the zone of support at $0.43.Fantom’s [FTM] Price PredictionThe markets generally need time to consolidate before such a move, upward or downward.
A bullish order block was spotted at the bottom of a range. From this level, FTM saw a violent move northward to reach $0.6 in mid-February. At the time of writing, the price was testing the same region once again. The 30-day MVRV ratio fell into negative territory. It rose to 3-month highs in late January but has plunged lower since then. This indicated holders booked a profit and reinforced the selling pressure seen in recent weeks. Although not strong enough to initiate a long-term downtrend, it was enough to halt the explosive rally.
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