An exciting process continues in the cryptocurrency market. The upward movement led by Bitcoin has successfully revitalized the altcoin market. Positive data from the US has triggered a rise in risky assets. What is happening with GRT and Fantom? We analyze detailed charts and important support and resistance levels.
GRT Chart Analysis
GRT chart started a relief rally on May 15 after the bulls pushed the price above the moving averages. The 20-day EMA began to rise, and the RSI moved into positive territory, indicating that the bulls are attempting a comeback. Buyers will try to push the price towards the overall resistance of $0.35, where the bears might mount a strong defense again.
The 20-day EMA continues to be the fundamental support on the downside. A drop in price and a break below this level will indicate that the bears are selling on every minor rise. This could push the GRT/USDT pair down to $0.26 and then to $0.23.
The 4-hour chart shows that the pair has been stuck between $0.22 and $0.31 for a while. Bulls pushed the price above the range but couldn’t sustain higher levels. If the price falls below the 50-SMA and holds, it will indicate that the breakout was rejected. The pair could then drop to $0.26.
Alternatively, if the price rises strongly from the moving averages, the bulls will make another attempt at $0.31. If this level is crossed, the pair could rise to $0.35 and then to the pattern target of $0.40.
Fantom Chart Analysis
Fantom signaled the start of a recovery on May 16 by rising above the moving averages and the horizontal resistance of $0.79. The moving averages are on the verge of a bullish crossover, and the RSI has moved into positive territory, indicating that the bulls are back in the game. However, the bears are unlikely to give up easily as they will try to pull the price down to $0.79. If the bulls turn this level into support, the FTM/USDT pair could rise to $1.04.
Conversely, if the price falls and breaks below the moving averages, it will indicate that the bears remain active at higher levels. This could pull the pair down to $0.60.
Bears are trying to initiate a correction on the 4-hour chart, but bulls are likely to buy the dips at the 20-EMA. In such a case, the pair is expected to gain momentum and rise towards the overall resistance of $1.04.
Instead, if the price continues to fall and breaks below the 20-EMA, it will indicate that the bulls have lost control, and the pair could drop to the breakout level of $0.79. This is a key level that bulls need to defend because a break below it will indicate that the recovery has stalled.
