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A crypto analyst on TradingView, known as ‘Tradecitypro,’ published a detailed Fantom (FTM) reportbreaking cryptocurrency price action within a day and 4 hours. After accurately predicting Fantom’s rise above $1, the analyst highlights key price levels, market trends, potential price movements, and bearish technical indicators The following parabolic trend of FTM.
Daily Fantom Timeline: Trending Weakness Signals
After correctly predicting FTM switch at $0.84, the TradingView analyst indicated that the cryptocurrency is now following a parabolic rise, supported by a curved upward line. According to the analyst, Fantom’s price has reacted many times in this different direction, to end price fixing and resumes its upward momentum.
During the last bullish burst in time Fantom is a great hostthe cryptocurrency broke past the resistance of 0.7707 and rose to the weekly resistance at 1.1116, where it stabilized above that level. In addition, several indicators suggest that FTM may slow down and lose momentum. The sizes of its candles have been gradually decreasing, indicating a decrease in bullish activity. Additionally, the price correction has strengthened, indicating increased selling pressures as well to take advantage of the possibility.
Fantom’s trading volume has also decreased, suggesting that traders’ interests may be changing. Another technical indicator that is currently bearish is Relative Strength Index (RSI), showing signs of divergence, indicating a possible reversal of the FTM price falling below 55.74 on the RSI.
Looking ahead, the TradingView analyst pointed out that a significant sign of sharp bullish trends and pre-pump movements is when the crypto currency shows weakness and the possibility of a price reversal. If the current bearish trend of Fantom continues, the analyst has set the first level of minor resistance at 1.6218.
Additionally, if FTM can maintain a stable price above this area, its next and strongest resistance would be at 3.2506. This resistance area is near the FTM high of $3.46, which represents an important supply area.
On the other hand, if the FTM meets the price correction, it may drop to the initial support in the curved trend line. If the trendline is broken, the next price levels to watch are 1.1116 and 0.7707. A sustained price drop below 0.7707 would invalidate the former Fantom’s bullish moodwhich is likely to push the price down to between 0.5349 and 0.2928.
4-Hour Period: Channel Ascending and Possible Breakout
In the 4-hour time frame, TradingView analyst indicated that Fantom is currently moving within the Ascending Station. The cryptocurrency price interacts with the center line of the channel, providing temporary support.
The analyst revealed that no significant movement is to be expected if the Fantom stays within this Ascending channel. However, if the cryptocurrency does break out, it can lead to two possible situations: the start of a new parabolic trend or the exhaustion of the trend due to the loss of bullish momentum.
The TradingView analyst identified the price level at 1.636 as the next stationary resistance for Fantom. However, if FTM sales fee has not reached this point, the analyst suggests a safe strategy to take long positions based on Dow Theory and channel breakouts.
The featured image was created with Dall.E, a chart from Tradingview.com
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