During Wednesday’s session, Fantom was about 10% higher, as the crypto market was marginally higher. Despite this, there were a few significant bears, one of which was THETA, which had fallen as much as 5% earlier in the session.
The Biggest Winners
Fantom was one of the greatest gainers on Wednesday, and it was up about 10% earlier in today’s session, confirming its position as the world’s 30th largest cryptocurrency.
The rebound in FTM/USD today came as prices surged from long-term support of $1.51, and prices appear to be headed towards resistance at $2.30.
FTM hit an intraday high of $2.07 on Wednesday, after hitting a low of $1.78 less than 24 hours before.
Fantom was trading 9.57 percent higher as of this writing, with the 14-day RSI reaching its highest level since January 31.
With this increase in price strength, the RSI has moved closer to its own resistance point of 54.11, which is just a few points above its current level of 52.02.
According to the chart, bulls have yet to liquidation positions and may be aiming for greater highs from FTM.
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Several cryptocurrencies were lingering in the red throughout this hump-day session, however it was not a red wave.
THETA went bearish on Wednesday after two consecutive days of gains, and is currently trading over 2% lower on the day.
This was not, however, today’s greatest loser; that title went to FLOW, which was down 3.10 percent as of writing.
On Wednesday, FLOW/USD fell to an intraday low of $6.36, following an earlier high of $6.83, which was just over the $6.80 barrier level.
Bears then entered, following the same pattern as on February 17, when the price sank to the $5.35 floor.
If market momentum continues to wane, bearish pressure might build, with the $5.35 floor serving as a viable target.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
