Fantom appears to form a range, here’s what traders can watch out for

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

In January, Fantom 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.

It appeared unlikely that such a strong move could occur over the next month or two.

Read Fantom’s [FTM] Price Prediction 2023-24

The markets generally need time to consolidate before such a move, upward or downward. Fantom was inside one such phase of consolidation. The asset showed signs of forming a range, which traders can use in the coming weeks.

Source: FTM/USDT on TradingView

The range extended from $0.43 to $0.6, with the mid-point at $0.515. This range was less than a month old. Moreover, the extremes of the range have only been tested twice each. The fact that the mid-range mark was respected as both support and resistance suggested that the range plotted in the chart above was viable.

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 RSI slipped beneath the neutral 50 mark, to highlight some bearish momentum. It underlined the possibility that a downtrend might commence. However, the OBV has been rising over the past few weeks. It showed steady buying pressure despite the formation of the range.

How much are 1, 10, 100 FTM worth today?

If the OBV continued to rise in the coming weeks, a breakout past $0.6 could push toward $0.85 and $1.1. Until then, buying and selling near the range extremes could be a profitable option for