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Analyst Who Correctly Predicted The Fantom Breakout Above $1 Reveals Whats Next In The Parabolic Trend

Analyst Who Correctly Predicted The Fantom Breakout Above $1 Reveals Whats Next In The Parabolic Trend
© Copyright Image: Crypto Breaking News

A crypto analyst on TradingView, known as Tradecitypro, has published a detailed Fantom (FTM) report, breaking down the cryptocurrencys price action across the daily and 4-hour timeframe. After accurately predicting Fantoms surge above $1, the analyst highlights key price levels, market trends, potential price movements, and bullish technical indicators for FTMs next parabolic trend

Fantom Daily Timeframe: Signs Of Trend Weakness

After correctly forecasting FTMs price breakout at $0.84, the TradingView analyst has revealed that the cryptocurrency is now following a parabolic uptrend, supported by a curved ascending trendline. According to the analyst, Fantoms price has reacted multiple times to this distinctive trendline, ending price corrections and resuming its upward momentum.  

During the last bullish surge during Fantoms uptrend, the cryptocurrency broke past the 0.7707 resistance and rose to the weekly resistance zone at 1.1116, where it stabilized above that level. Moreover, several indicators suggest that FTM may be slowing down and losing momentum. Its candle sizes have been gradually shrinking, indicating reduced bullish activity. Additionally, price corrections have intensified, signaling increased selling pressures and potential profit-taking.

Fantoms trading volume has also declined, suggesting that traders interests might shift. Another technical indicator that is currently bearish is the Relative Strength Index (RSI), which is showing signs of divergence, signaling a potential reversal of the price of FTM drops below 55.74 on the RSI. 

Looking ahead, the TradingView analyst has revealed that a notable sign of sharp bullish trends and pre-pump movements is when a cryptocurrency exhibits weakness and a potential for a price reversal. If the current bearish trend for Fantom continues, the analyst has set the first minor resistance level at 1.6218. 

Additionally, if FTM can maintain a stable price above this zone, its next and strongest resistance could be at 3.2506. This resistance zone is near FTMs all-time high of $3.46, representing a significant supply region.

On the other hand, if FTM experiences a price correction, it would likely drop to the first support at the curved trendline. If the trendline is broken, the next price levels to watch are 1.1116 and 0.7707. A sustained price decline below 0.7707 would invalidate the previous bullish scenario for Fantom, potentially pushing the price further down to between 0.5349 and 0.2928. 

4-Hour Timeframe: Ascending Channel And Potential Breakouts

In the 4-hour timeframe, the TradingView analyst revealed that Fantom is currently moving within an Ascending Channel. The cryptocurrencys price is interacting with the midline of the channel, providing temporary support. 

The analyst has revealed that no significant moves will be expected if Fantom remains within this Ascending channel. However, if the cryptocurrency can break out, it could lead to two potential scenarios: the start of a new parabolic trend or a trend exhaustion due to a loss in bullish momentum.

The TradingView analyst has identified the price level at 1.636 as Fantoms next static resistance. However, if FTMs price has not yet reached this zone, the analyst suggests a safer strategy of taking long positions based on Dow Theory and channel breakouts.

 

Source: NewsBTC.com

The post Analyst Who Correctly Predicted The Fantom Breakout Above $1 Reveals Whats Next In The Parabolic Trend appeared first on Crypto Breaking News.

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Text source: Crypto Breaking News

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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