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TradingView’s crypto analyst known as “Tradecitypro” has published a detailed Fantom (FTM) report analyzing the cryptocurrency’s price trend over daily and 4-hour time frames. After accurately predicting Fantom's rally above $1, the analyst highlights key price levels, market trends, potential price movements, and bullish technical indicators for FTM's next parabolic trend.
Fantom daily time frame: Signs of trend weakness
After accurately predicting FTM’s price breakout at $0.84, TradingView analysts revealed that the cryptocurrency is currently following a parabolic uptrend supported by a curvilinear uptrend line. According to analysts, Phantom's price has reacted to this unique trend line many times, ending the price correction and resuming its upward momentum.
During the last bullish surge during Fantom’s uptrend, the cryptocurrency broke through the resistance at 0.7707 and rose to the weekly resistance zone at 1.1116, where it stabilized above that level. Additionally, several indicators suggest that FTM may be slowing and losing momentum. The candlestick size is gradually decreasing, indicating that bullish activity is decreasing. Additionally, the price correction has intensified, suggesting increased selling pressure and the possibility of profit taking.
Source: TradingView
Phantom trading volume has also declined, suggesting that trader interest may shift. Another technical indicator that is currently bearish is the Relative Strength Index (RSI), which is showing signs of a divergence and indicates a potential reversal if FTM price falls below 55.74 on the RSI.
Looking ahead, TradingView analysts have revealed that the telltale signs of a sharp bullish trend and pre-pump movement are when a cryptocurrency shows weakness and a potential price reversal. If Fantom’s current bearish trend continues, analysts set the first minor resistance level at 1.6218.
Moreover, if FTM maintains a stable price above this zone, the next strongest resistance level could be at 3.2506. This resistance zone is close to FTM's all-time high of $3.46 and represents an important supply area.
On the other hand, if FTM experiences a price correction, it may fall to the first support of the curved trend line. If the trendline is broken, the next price levels to watch are 1.1116 and 0.7707. If the price continues to decline below 0.7707, the previous bullish scenario for Phantom will be invalidated and the price could fall further to between 0.5349 and 0.2928.
4-hour chart: rising channel and breakout potential
On the 4-hour time frame, TradingView analysts revealed that Fantom is currently moving within an ascending channel. The price of the cryptocurrency is interacting with the midline of the channel, providing temporary support.
Source: TradingView
Analysts have made it clear that if Fantom stays within this upward channel, no major moves are expected. However, if a cryptocurrency could breakout, it could lead to two potential scenarios. It is the beginning of a new parabolic trend or the exhaustion of a trend due to loss of bullish momentum.
TradingView analysts have identified the 1.636 price level as the next static tolerance for Fantom. However, if FTM's price has not yet reached this zone, analysts suggest a safer strategy of taking long positions based on Dow theory and channel breakouts.
FTM bulls remain in control | Source: FTMUDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
