Este artículo también está disponible en español.
An insightful crypto analyst on TradingView, known by the pseudonym ‘Tradecitypro,’ has released an extensive report on Fantom (FTM), offering a thorough breakdown of the cryptocurrency’s price action on both daily and 4-hour timeframes. The analyst, having previously predicted Fantom’s surge beyond $1, continues to highlight crucial price levels, market trends, and bullish technical indicators that suggest FTM’s potential for another parabolic trend.
Fantom Daily Timeframe: Analyzing Signs of Trend Weakness
The TradingView analyst made an accurate prediction of FTM’s price breakout at $0.84 and has identified that the cryptocurrency is currently following a parabolic uptrend, supported by a distinctive curved ascending trendline. Fantom’s price has reacted to this trendline multiple times, which has effectively ended price corrections and continued its upward momentum.
During Fantom’s last bullish surge, the cryptocurrency surpassed the 0.7707 resistance level and rose to the weekly resistance zone at 1.1116, stabilizing above it. However, several indicators now suggest a potential slowdown in momentum. The gradually shrinking candle sizes imply reduced bullish activity, while intensified price corrections signal increased selling pressures and potential profit-taking.
In addition, Fantom’s trading volume has seen a decline, hinting at a possible shift in traders’ interests. The Relative Strength Index (RSI) is another technical indicator that currently appears bearish, showing signs of divergence. A potential price reversal might be on the horizon if FTM’s RSI drops below 55.74.
Looking forward, the analyst suggests that a notable sign of bullish trends and pre-pump movements is when a cryptocurrency displays weakness, indicating a potential price reversal. If the bearish trend for Fantom continues, the first minor resistance level is set at 1.6218. Should FTM maintain stability above this zone, its next and strongest resistance could be at 3.2506, near its all-time high of $3.46, representing a significant supply region.
Conversely, if FTM experiences a correction, it might fall to the first support level at the curved trendline. If this trendline breaks, subsequent price levels to watch are 1.1116 and 0.7707. A continued decline below 0.7707 would invalidate the previous bullish outlook for Fantom, potentially pushing the price further down to between 0.5349 and 0.2928.
4-Hour Timeframe: Navigating the Ascending Channel and Potential Breakouts
In the 4-hour timeframe, the analyst has identified that Fantom is currently navigating an Ascending Channel. The cryptocurrency’s price is interacting with the channel’s midline, which is providing temporary support.
The analyst suggests that no significant price movements are expected if Fantom remains within this channel. However, a breakout could result in two potential scenarios: the onset of a new parabolic trend or a trend exhaustion due to diminishing bullish momentum.
The analyst has pinpointed the price level at 1.636 as Fantom’s next static resistance. If FTM’s price has yet to reach this zone, a safer strategy, based on Dow Theory and channel breakouts, would be to take long positions.
In conclusion, while FTM bulls still maintain control, traders should remain vigilant and observe key levels for potential breakout opportunities.
