A crypto analyst on TradingView, generally known as ‘Tradecitypro,’ has printed an in depth Fantom (FTM) report, breaking down the cryptocurrency’s worth motion throughout the every day and 4-hour timeframe. After precisely predicting Fantom‘s surge above $1, the analyst highlights key worth ranges, market tendencies, potential worth actions, and bullish technical indicators for FTM’s subsequent parabolic pattern.
Fantom Each day Timeframe: Indicators Of Development Weak point
After appropriately forecasting FTM’s worth breakout at $0.84, the TradingView analyst has revealed that the cryptocurrency is now following a parabolic uptrend, supported by a curved ascending trendline. In accordance with the analyst, Fantom’s worth has reacted a number of occasions to this distinctive trendline, ending worth corrections and resuming its upward momentum.
Over the last bullish surge throughout Fantom’s uptrend, the cryptocurrency broke previous the 0.7707 resistance and rose to the weekly resistance zone at 1.1116, the place it stabilized above that stage. Furthermore, a number of indicators counsel that FTM could also be slowing down and shedding momentum. Its candle sizes have been progressively shrinking, indicating decreased bullish exercise. Moreover, worth corrections have intensified, signaling elevated promoting pressures and potential profit-taking.
Fantom’s buying and selling quantity has additionally declined, suggesting that merchants’ pursuits may shift. One other technical indicator that’s at the moment bearish is the Relative Energy Index (RSI), which is exhibiting indicators of divergence, signaling a possible reversal of the worth of FTM drops beneath 55.74 on the RSI.
Wanting forward, the TradingView analyst has revealed {that a} notable signal of sharp bullish tendencies and pre-pump actions is when a cryptocurrency displays weak point and a possible for a worth reversal. If the present bearish pattern for Fantom continues, the analyst has set the primary minor resistance stage at 1.6218.
Moreover, if FTM can preserve a steady worth above this zone, its subsequent and strongest resistance could possibly be at 3.2506. This resistance zone is close to FTM’s all-time excessive of $3.46, representing a major provide area.
Alternatively, if FTM experiences a worth correction, it might probably drop to the primary help on the curved trendline. If the trendline is damaged, the subsequent worth ranges to look at are 1.1116 and 0.7707. A sustained worth decline beneath 0.7707 would invalidate the earlier bullish situation for Fantom, probably pushing the worth additional right down to between 0.5349 and 0.2928.
4-Hour Timeframe: Ascending Channel And Potential Breakouts
Within the 4-hour timeframe, the TradingView analyst revealed that Fantom is at the moment transferring inside an Ascending Channel. The cryptocurrency’s worth is interacting with the midline of the channel, offering momentary help.
The analyst has revealed that no important strikes will probably be anticipated if Fantom stays inside this Ascending channel. Nonetheless, if the cryptocurrency can get away, it may result in two potential eventualities: the beginning of a brand new parabolic pattern or a pattern exhaustion as a result of a loss in bullish momentum.
The TradingView analyst has recognized the worth stage at 1.636 as Fantom’s subsequent static resistance. Nonetheless, if FTM’s worth has not but reached this zone, the analyst suggests a safer technique of taking lengthy positions based mostly on Dow Idea and channel breakouts.
Featured picture created with Dall.E, chart from Tradingview.com
