Analyst Who Correctly Predicted The Fantom Breakout Above $1 Reveals What’s Next In The Parabolic Trend
A cryptocurrency analyst named “Tradecitypro” on TradingView posted a detailed breakdown of Fantom (FTM) Reportbreaks down the cryptocurrency’s price action on the daily and 4-hour time frames. After accurately predicting Fantom to surge above $1, analysts highlight key price levels, market trends, potential price action and bullish technical indicators FTM’s Next Parabolic Trend.
Fantom Daily Time Frame: Signs of Trend Weakness
After correctly predicting FTM Price Breakout TradingView analysts revealed that the cryptocurrency is currently in a parabolic uptrend at $0.84 and is supported by a curved uptrend line. According to analysts, Fantom’s price has reacted to this unique trend line multiple times, End of Period Price Correction and resumed its upward momentum.
During the last bullish period Fantom’s Uptrendthe cryptocurrency broke through the 0.7707 resistance and rose to the weekly resistance zone at 1.1116, where it stabilized above. Additionally, multiple indicators suggest that FTM may be slowing down and losing momentum. Its candle size is gradually shrinking, indicating a decrease in bullish activity. Additionally, price corrections intensified, suggesting increasing selling pressure Potential profit taking.
Fantom’s trading volume also declined, indicating that trader interest may be changing. Another technical indicator that is currently bearish is Relative Strength Index (RSI), Showing signs of divergence, suggesting a possible reversal in FTM price, the RSI fell below 55.74.
Looking ahead, TradingView analysts revealed that a tell-tale sign of a sharp bullish trend and pre-sump movement is the possibility of cryptocurrencies showing weakness and price reversals. If Fantom’s current bearish trend continues, analysts target the first minor resistance level at 1.6218.
Furthermore, if FTM is able to hold prices steady above this area, its next and strongest resistance level could be 3.2506. This resistance area is close to FTM’s all-time high of $3.46 and represents an important area of supply.
On the other hand, if FTM experiences a price correction, it could drop to the first support level of the curved trendline. If the trend line is broken, the next price levels to watch are 1.1116 and 0.7707. A sustained price break below 0.7707 will push the previous Fantom’s Bullish Scenariocould push the price further down to between 0.5349 and 0.2928.
4-hour time frame: Ascending channel and potential breakout
TradingView analysts revealed that on the 4-hour time frame, Fantom is currently trading rising channel. The cryptocurrency’s price interacted with the channel’s midline, providing temporary support.
Analysts revealed that if Fantom remains within this ascending channel, no major moves are expected. However, if the cryptocurrency is able to break out, it could lead to two potential scenarios: the start of a new parabolic trend or the exhaustion of the trend due to a loss of bullish momentum.
TradingView analysts have identified the 1.636 price level as the next static resistance level for Fantom. However, if FTM price This zone has not been reached yet and analysts recommend a safer strategy of taking long positions based on Dow Theory and channel breakouts.
Featured image created using Dall.E, chart from Tradingview.com
