menuIcon
$ 84,204.6
BTC
$ 84,204.6
-3.17 %
$ 1,906.76
ETH
$ 1,906.76
-5.02 %
$ 0.7009
ADA
$ 0.7009
-4.67 %
$ 617.44
BNB
$ 617.44
-2.46 %
$ 129.12
SOL
$ 129.12
-6.30 %
Vikram
May 24, 2022
by Vikram

FTM Technical Analysis: Breakout Rally Loses Momentum, Teasing Retest

FTM
FTM prices find unexpected bullish support evident by the boom in trading volume resulting in the falling channel breakout. Will this rally surpass $0.50?

Key technical points:

  • FTM prices are up by 0.50% today.

  • The uptrend breaks above the falling channel pattern.

  • The 24-hour trading volume of Fantom is $666 Million, indicating a slight increment of 1.31%.

    • Past Performance of FTM

    FTM prices display a reversal uptrend starting from the $0.40 mark, resulting in a trendline breakout fueling the price rise towards $0.50. The bull run also breaks above the falling channel pattern, releasing the trapped bullish momentum. However, last night the bullish failure led to the Doji formation reflecting a potential retracement to retest the broken trendline.

    TradingView Chart

    FTM Technical Analysis 

    The bullish reverse of FTM starting with $0.40 includes the trading volume support that was able to counter the volume from the previous bearish trend. However, the more costly price refusal of the threshold of $0.50 attempts to sabotage the breakout. Thus, price action traders need to remain patient and hold off until they reach a close to avoid being stuck.

    The most important EMAs for the day indicates a tendency to fall, which is the bearish trend that shows the strength of the bearish underpinning.

    The RSI values make an abrupt turn away from the zone of oversold and then cross the average line of 14 days before entering the mid-point. But, the optimistic outlook isn't substantiated by the Stochastic indicator due to the fact that the K and D lines are struggling to maintain the spread. They also suggest an inverted crossover following the entering into the overbought area.

    The momentum indicator is indicating a higher chance that the FTM price will be going beyond even $0.50.

    Upcoming Trend

    The reversal trend-momentum of FTM prices accelerates by closing above the resistance trendline, improving the possibility of an upward trend above $0.50. The breakout rally could be able to reach $0.66 which is an increase of 18% in this scenario.

    Support Levels: $0.40 and $0.30

    Resistance Levels: $0.50 and $0.60

    Follow us on: News
    FTM Fantom
    FTM Technical Analysis: Breakout Rally Loses Momentum, Teasing Retest
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

    Top Picks