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

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.

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

The 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

The 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