- The RSI line indicates a bearish divergence concerning the FTM coin price
- The FTM/BTC pair was trading at 0.00003795 BTC with a gain of 12.17%
- The 24hr trading volume in the FTM coin is $6798Million, indicating a 19.87% loss
As mentioned in my previous article on Fantom, the FTM coin price bounced from $2 support with a bullish engulfing candle. The rally continued, and after almost two weeks of waiting, the price finally gave a breakout from the previous ATH of $2.4 mark. However, to confirm this breakout, the crypto traders should wait till the price gives its closing above this level.
As per the crucial EMAs, the FTM is in a strong uptrend, where its price is trading above 20, 50, 100, and 200 EMA lines.
The RSI value of 67 indicates a bullish sentiment in the coin. However, the RSI line has shown bearish divergence concerning the coin’s price action, suggesting some weakness in this rally.
The FTM Coin Gave A Breakout From Cup And Handle pattern.
The FTM coin indicated a cup and handle pattern in the 4hr time frame chart. The coin price has provided a decisive breakout from its $2.36 neckline, and the traders can expect an excellent opportunity for them if they show good sustainability above this level. The FTM coin currently trades at $479, with an intraday gain of 11.51%.
The super trend indicator projects a strong uptrend in this lower time frame chart.
The moving average convergence/divergence indicator (BULLISH) shows the signal and MACD lines are moving above the neutral area (0.00), indicating bullish momentum.
Conclusion: From the technical perspective, the overall trend of the FTM coin is strongly bullish. And as mentioned above, it seems the accumulation phase has ended, and the price is preparing to continue its rally. However, with the falling RSI, the crypto traders can wait for a retest to validate if the breakout is genuine or not.
Support: $2.33
Resistance: $traditional pivot level