Claim $500FTM Price Analysis: U-shaped Recovery May Lead Prices 10% Higher
The Fantom (FTM) recovery rally recently knocked out another resistance of $0.36. With the recent uncertainty in the crypto market, altcoin struggled for nearly four days to sustain above the breached resistance. However, the lower price rejection candle at the $0.365 level validates it as viable support and pushes the price higher with a bullish engulfing candle.
Key points
- The FTM price rose 30% within a fortnight
- A daily-RSI slope nearing the overbought region suggests the buyers have overextended the price rally in a short period.
- The intraday trading volume in the FTM Network coin is $422 Million, indicating a 16% gain.
Source- Tradingview
A rounding bottom pattern with its bottom support at $0.22 initiates a recovery rally that has surged 83% within a month. Moreover, the bull run uses an ascending trendline as dynamic support to maintain the current recovery.
However, with a sudden surge in buying pressure in the crypto market, the FTM price has jumped 10.77% higher and is currently trading at $0.41. Thus, under the influence of a bullish pattern and supported by a rising trendline, the FTM price should rise 10% higher and hit the pattern’s neckline resistance of $0.45.
Furthermore, a bullish breakout from the neckline resistance would propel the FTM price to another 16% higher, reaching the $0.52 supply zone.
However, the $0.45 barrier may revert the altcoin to a minor pullback before the price could trigger this pattern. Anyhow, the coin holders can keep a bullish sentiment until the support trendline is intact.
On a contrary note, losing this support trendline would trigger a significant correction in the FTM price.
Technical indicator
EMAs: The breached 20-and-50-day EMA are flipped into viable support, aiding buyers to carry forward this bull run. Moreover, a bullish crossover among these lines gives a buy signal.
Relative Strength Index: the daily-RSI slope rising higher indicates the buyers are quite confident in the ongoing recovery. However, this line nearing the overbought region bolsters the correction theory.
- Resistance level- $0.45 and $0.52
- Support levels- $0.35 and $0.31
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