The parabolic recovery in Fantom (FTM) price pumped its price back to the ATH resistance near $3.2. The coin needs face a minor pullback to form the handle portion of its cup and handle pattern. Completing this bullish pattern, the coin price could rally to newer levels.
Key technical points:
- The daily RSI chart shows a bearish divergence.
- The intraday trading volume in the FTM coin is $2.8 Billion, indicating a 12.79% gain
The last time we covered an article on Fantom coin, this pair showed an impressive recovery charging straight to the All-Time High resistance around $3.12. However, the supply pressure across the crypto market triggered another pullback in its price.
This minor dip took support from the $2.2 mark and immediately recovered to the overhead resistance. This whole structure reveals a cup and handle pattern in the daily time frame chart, providing an excellent long trade opportunity.
If the price manages to break out and sustain above this resistance, the Fibonacci extension suggests the next supply zone for FTM price is $3.75 and $4.47-$4.5.
The daily Relative Strength Index (62) shows a bullish sentiment for this coin. However, the chart also shows a bearish divergence, indicating some weakness on the buyer’s side.
FTM Chart Shows A Double Bottom Pattern In The 4-hour Time Frame Chart
The FTM coin is still struggling to surpass the $3.2 resistance. Thus, the crypto traders looking for a new long position in the coin should wait till they break free from this resistance. However, in case the price rejects, the $2.64 and $2.2 support can still carry the bullish rally.
The MACD indicator shows the signal and MACD line are moving above the neutral zone. However, the recent reversal in price has triggered a bearish crossover among these lines.
- Resistance levels- $3.75, and $4.5
- Support levels-$2.64 and $2.2
- Goldman Sachs Says Mainstream Crypto Adoption Not Enough to Boost Bitcoin (BTC) Price
- Fidelity Eyes for ETFs Tied to Metaverse After the SEC Rejects Its Spot Bitcoin ETF
- Rio De Jeneiro’s Mayor Reveals 1%Of Its Treasury Reserves Will Be Poured Into Cryptocurrencies
- Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet
- Turkey President Tayyip Erdoğan Orders For Metaverse Research
- After Twitter, Reddit Might Allow Users To Add NFT as Profile Picture
- Facebook’s Bumbling Crypto Venture Diem to Wind Down, Sell Assets
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?