FTM Technical Analysis: Has Global Correction Just Begun?
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Thus, the main scenario at the moment is the continuation of the fall of the FTM price to $0.45. To receive final confirmation of this scenario, buyers must test the strength range of $1.2. There must be serious opposition from sellers in this range. Why? All sellers who expect the trend to continue to fall in the range of $1.2 will gladly open short positions, and big players will be ready to increase their positions.
Therefore, in the case of a local growth wave, one should not entertain hopes of completing the correction in the FTM market. Neither the nature of the price nor the trading volumes even hint at such a scenario.
Technical Analysis Of FTM On The Daily Timeframe
Analyzing the FTM price movement on the daily timeframe, you can see a clear trend channel of the fall from January 2022. Sellers have almost reached the bottom trend line of this channel. The trading volumes from 30 April - 1 May increased significantly, indicating an increase in local interest of buyers of the FTM cryptocurrency. However, if you plan a long position, it should be understood that this will be a counter-trend trade.
Accordingly, lower risks should be set (smaller positions and more modest targets). However, even an increase in trading in this situation is not a clear signal to buy. If you keep the local mark of $0.68, buyers can expect a rebound in the FTM price with the first target of $0.98. Otherwise, sellers will continue to put pressure on the price, followed by a local target of $0.57. The probability of an acceleration of the fall trend and the exit of the FTM price outside the current trend channel is not very low. The fact is that the BTC price is now in a wide liquidity range of $34,000-$37,000. The probability of rebounding from this range up is quite high. And this fact will significantly complicate the process of the FTM price fall. Thus, we expect the FTM price to fall to $0.45 after local growth.
The FTMBTC Price Has Started A New Wave Of Fall
Unfortunately, there is little positive for FTM investors on the FTMBTC price chart. As we can see in the weekly timeframe, the FTMBTC price has gone beyond the wedge, breaking the main buyers' support in the range of 0.00003. All this happened on minimal volumes and on the complete passivity of buyers. The best scenario for buyers at the moment is the formation of consolidation to rebound prices and retest 0.00003. But, the global picture tells us that the cryptocurrency market has probably entered a bearish trend and it is worth changing the trading strategy called "buy and keep". Sellers' next global target is 0.000013. If you are looking for an entry point into the FTMBTC market then this mark is a good contender.