FTM Technical Analysis: Consolidation Above $0.35 Creates a Launchpad
Table of contents
Key Technical Points:
Past Performance of FTM
As predicted earlier, the bull cycle gives a bullish breakout of the ascending triangle pattern to rise above $0.35. The breakout rally exceeds the 100-day SMA but takes a lateral shift leading to a consolidation range with $0.38 as the resistance level. However, the growing number of lower price rejection candles displays an increase in underlying bullish sentiments.
Source - Tradingview
FTM Technical Analysis
The FTM technical chart shows that the consolidation range's bullish breakout can find opposition at the $0.43 mark. However, traders hoping for a bullish breakout should wait for a price action confirmation to avoid any bearish reversal.
As the Fantom market price sustains above the 100-day SMA, the 50-day SMA maintains a bullish trend that may prove crucial bullish support.
The daily-RSI slope maintains the sideways train in the nearly overbought zone slightly above the 14-day average line. However, the MACD indicator showcases a decrease in the bullish spread between the fast and slow lines, increasing the possibility of a bearish crossover.
In summary, FTM technical analysis suggests traders wait for a price action confirmation before trading on either side.
Upcoming Trend
If the FTM price trend breaks above $0.38, a price jump to the $0.43 mark is possible. This may increase the crossover possibility between the 50 and 100-day SMA.
However, a downfall below the $0.35 mark and the support trendline will result in a price drop to the $0.30 mark.
Resistance Levels: $0.38 and $0.43
Support Levels: $0.35 and $0.30