Fantom already bouncing off the 20 SMA

Cardano, Fantom Crypto Price Prediction – Is It A Good Time to Buy FTM and ADA?

Posted Monday, November 1, 2021 by
Skerdian Meta • 2 min read

As we have mentioned, cryptocurrencies have diverged in two groups regarding the price action, one of them has been showing strong bullish momentum in October the other has been showing weakness. Fantom has been one of the most bullish cryptocurrencies last month while Cardano has been showing weakness, despite the recent Alonzo upgrade. Although, right now they are looking ready for a bullish move, so let’s have a look at them.

Fantom Daily Chart Analysis

Fantom has been really bullish in the last two months, with good reason behind it. The Fantom global conference in Abu Dhabi which was held last week attracted a lot of attention in the crypto industry and many interesting projects are expected to be announced soon on the Fantom network.

Besides that, the rising interest for the Ethereum network and the Ether coin is helping create bullish momentum for other cryptos. Fantom has supplementary functionality with the Ethereum network which can be used for processing, offloading and service requests.

0x Labs, which is a leading DeFi DEX (decentralized exchange) aggregation announced the support for its free-to-use 0x API on the Fantom blockchain a few days ago, to onboard a new wave of users to crypto. So, fantom has been making gains in steps, pushing higher, establishing a new high, while the recent high turns into support.

After the first two bullish legs in October which took the price to $3.48, the price retreated lower toward the end of the month, as a result of profit-taking and liquidation of some long positions. But, it seems like the retrace lower might have ended, after the decline stopped just above the previous high, while the 20 SMA was acting as support. yesterday we saw a jump already, but this is still a good time to buy FTM/USD based on this chart.

Cardano ADA Weekly Chart Analysis

Will Cardano jump off the 20 weekly SMA?

The price action is Cardano since September has been the opposite of Fantom, with ADA/USD retreating lower after forming a doji candlestick at the top, which is a bearish reversing signal. Although looking at the larger time-frame charts, we can see that the trend is still bullish.

Since September Cardano has been retreating despite the launch of Alonzo hard fork, which brought smart contracts to the network and the new ERC-20 Cardano converter bridge that went live on September 12th. But, it has reached the 20 daily SMA (gray) now and there might be a bounce off that moving average soon. We are long on Cardano and hope that the bullish move comes soon.

Cardano Coin DA Live Chart

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles

Leave a Reply

Notify of