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Fantom Price Analysis: Can the cup and deal with pattern lead FTM to $four.50?

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The parabolic bounce in Fantom (FTM) selling price pushed its selling price back in the direction of the ATH resistance close to $three.two. The coin demands to encounter a little indentation to kind the deal with portion of the cup pattern and its deal with. Completing this bullish pattern, the coin selling price could rise to newer amounts.

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Main technical factors:

  • The day by day RSI chart exhibits a bearish divergence.
  • FTM coin’s intraday trading volume is $two.eight billion, displaying a twelve.79% improve

Fantom Price Analysis: Can the cup and handle pattern lead FTM to $4.50?  9The supply- Tradingview

The final time we covered an report about Fantom coin, the pair showed an outstanding recovery as it charged right to the all-time substantial resistance all over $three.twelve. However, the provide strain on the crypto marketplace triggered a different drop in selling price.

This little decline took help from the $two.twenty mark and instantly recovered back to the overhead resistance. This full construction exhibits a cup and deal with pattern in the day by day timeframe chart, delivering fantastic prolonged-phrase trading options.

If the selling price tries to break out and sustain over this resistance, the Fibonacci extension exhibits the upcoming provide zone for FTM selling price at $three.75 and $four.47-$four.five.

The day by day Relative Strength Index (62) exhibits bullish sentiment for the coin. However, the chart also exhibits a bearish divergence, suggesting some weakness on the obtaining side.

The FTM chart exhibits a double bottom on the four-hour time frame

Fantom Price Analysis: Can the cup and handle pattern lead FTM to $4.50?  13The supply- Tradingview

The FTM coin is nonetheless struggling to conquer the $three.two resistance. Therefore, crypto traders seeking for a new prolonged place in the coin need to wait until eventually they break out of this resistance. However, in the occasion of a rejection, the $two.64 and $two.two help amounts can nonetheless stage a rally.

The MACD indicator exhibits the signal and the MACD line is moving over the neutral zone. However, the latest selling price reversal has triggered a bearish crossover among these lines.

  • Resistance amounts- $three.75 and $four.five
  • Support degree- $two.64 and $two.two

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