The decline in Cryptocurrencies stopped about two weeks ago and since then the crypto market has been trading sideways and consolidating after suffering huge losses. However, this seems like a good time to buy cryptocurrencies as this scenario has already repeated itself, with cryptos consolidating after the crash before resuming the long-term uptrend. This week they’ve been showing signs of wanting to get bullish, but Fantom and SolanaCoins are now facing some resistance indicators so let’s see what the daily chart looks like for these two coins.
Fantom Daily Chart Analysis – FTM stands for that resistance opposite and the 100 SMA under 2
Fantom crypto showed strong bearish momentum in November and for most of this month after a strong rally since August that drove the price from $ 0.20 to $ 3.50. The previous highs kept turning into support as the price rose higher, but they were broken again after Fantom lost about 2/3 of its value and crashed to $ 1.20.
We waited for the price to drop to USD 1 which would be a great place to buy but the 200 SMA (purple) held as support and now FTM / USD has been bullish for three days. The 200 SMA pushed the lows up in the past two weeks, while the jump came this week as sentiment in the crypto market began to improve.
However, Fantom is now on top of the 10-day SMA (green) as well as the resistance zone below USD 2. Today the crypto market is not showing any bullish momentum, nevertheless FTM has made some decent gains in the past 24 hours and the crypto market is getting bullish again.
Solana Daily Chart Analysis – SOL facing the 100 SMA at $ 185
Solana is sticking to the 100 SMA and is showing pressure to buy
Versus Fantom, Solana coin hasn’t shown much weakness in the crypto market during this bearish period. While Fantom lost 2/3, SOL / USD didn’t even lose half in value. Solana found support on the moving averages, but they eventually gave way during the retreat.
Although Solana tried to get bullish last week while the crypto market was not giving any bullish signs. Although, SOL coin has been unable to move above the 100 SMA which is around $ 185, which in itself is also a support and resistance level. The news that the former US First Lady Melania Trump is a NFT in the SolanaNetwork will release, the price didn’t help much. Nonetheless, Solana is holding onto this level of resistance, suggesting buyers are looking to push the price higher. Although, just like Fantom, Solana is waiting for the sentiment in the crypto market to improve so that the uptrend can resume.
Source: Crypto News Deutsch