Despite the intraday selloff, the Fantom price prediction for a continuation of the uptrend remains intact, which has pushed the current low price of the day below Wednesday’s closing price. However, the intraday decline has found support at the 2.3172 price mark, where previous highs for 9/17 October are found.
Fantom’s recent uptick followed the general FOMO sentiment that has carried most altcoins along with Bitcoin following the approval of at least two Bitcoin ETFs. The Fantom network’s price ascent has also followed positive investor interest in its token following the launch of the SpiritSwap, the new cross-chain bridge that will power cross-chain transactions.
Fantom is currently down by 6.94% as of writing.
The intraday decline in crypto prices has led to a pullback to the 2.3172 support. If the corrective decline continues, 1.9369 and 1.6494 enter the picture as additional targets to the south.
On the other hand, the uptrend will continue if the price action takes out the intraday resistance at 2.5295 (88.6% Fibonacci extension from the swing motion of 20 July – 9 September – 21 September). This move would open the door towards 2.7346, leaving 3.2241 (127.2% Fibonacci extension) and 3.4796 (141.4% Fibonacci extension) as additional targets to the north.
Follow Eno on Twitter.
This post was last modified on Oct 21, 2021, 16:38 BST 16:38