A crypto analyst on TradingView, often 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 developments, potential worth actions, and bullish technical indicators for FTM’s subsequent parabolic development.
Fantom Every day Timeframe: Indicators Of Pattern Weak point
After accurately 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. Based on 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 degree. Furthermore, a number of indicators counsel that FTM could also be slowing down and dropping momentum. Its candle sizes have been regularly 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 displaying indicators of divergence, signaling a possible reversal of the value of FTM drops under 55.74 on the RSI.
Wanting forward, the TradingView analyst has revealed {that a} notable signal of sharp bullish developments and pre-pump actions is when a cryptocurrency displays weak point and a possible for a worth reversal. If the present bearish development for Fantom continues, the analyst has set the primary minor resistance degree at 1.6218.
Moreover, if FTM can preserve a secure worth above this zone, its subsequent and strongest resistance might be at 3.2506. This resistance zone is close to FTM’s all-time excessive of $3.46, representing a major provide area.
However, if FTM experiences a worth correction, it might seemingly drop to the primary assist on the curved trendline. If the trendline is damaged, the subsequent worth ranges to observe are 1.1116 and 0.7707. A sustained worth decline under 0.7707 would invalidate the earlier bullish situation for Fantom, probably pushing the value additional all the way 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 shifting inside an Ascending Channel. The cryptocurrency’s worth is interacting with the midline of the channel, offering short-term assist.
The analyst has revealed that no vital strikes might be anticipated if Fantom stays inside this Ascending channel. Nevertheless, if the cryptocurrency can get away, it might result in two potential eventualities: the beginning of a brand new parabolic development or a development exhaustion as a result of a loss in bullish momentum.
The TradingView analyst has recognized the value degree at 1.636 as Fantom’s subsequent static resistance. Nevertheless, if FTM’s worth has not but reached this zone, the analyst suggests a safer technique of taking lengthy positions primarily based on Dow Idea and channel breakouts.
Featured picture created with Dall.E, chart from Tradingview.com