The FTM/USDT pair has witnessed strong selling pressure accentuated by a steep descending trendline for the past seven weeks. This downtrend plunged the coin price to a new lower low of 0.24. However, the FTM price has showcased significant growth amid the ongoing relief rally in the crypto market.
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Key points
- The FTM chart reflects 57% growth in the last five days
- The coin price offers a bullish breakout from the downsloping resistance trendline
- The intraday trading volume in the Fantom coin is $729.5 Million, indicating a 19.3% loss.
Source-Tradingview
The Fantom(FTM) buyers were aggressively defending the $1 psychological level for the first four months of 2022. However, the lower high formation in the technical chart suggested the buyers were losing their grip and eventually lost this support on April 29th.
Moreover, a major sell-off over the crypto market bolstered the selling pressure and slumped the FTM price below the lower support level. On May 12th, the downfall marked its recent low at $0.24 and later witnessed a minor consolidation.
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The FTM is up 14.5% over the past 24hr and breaks the downtrend-carrying descending trendline. However, the interested traders should wait for daily-candle closing above the $0.42 mark to confirm a legitimate breakout.
Thus, expecting a successful retest, the long traders may encounter a direction rally to the $1 mark.
Conversely, if the FTM buyers failed to sustain above the $0.42 flipped support, the sellers would pull the price back to $0.27.
Technical indicator
The daily-RSI slope showcased a relative stepper rally, indicating the aggressive buying momentum. The indicator value could soon surpass the neutral line suggesting a positive flip in trader’s sentiment.
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On the other hand, the 20-day EMA currently assists sellers in sabotaging the descending trendline breakout. Moreover, a bearish sequence among the crucial EMAs(20, 50, 100, and 200) indicates multiple hurdles ahead.
- Resistance level- $0.68 and $1
- Support levels- $0.425 and $0.27
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