- The RSI line shows a bearish divergence concerning the FTM coin price
- The FTM/BTC pair was trading at 0.00005477 BTC with a gain of 10.07%
- The 24hr trading volume in the FTM coin is $2.05 Billion, indicating a 24% hike
As mentioned in my previous article on Fantom, the FTM coin suggested continuing its uptrend when its price breached the last all-time high of $2.4. Thus, the price started rallying again on October 26th; it made a new ATH of $3.38.
Furthermore, the coin showed a minor pullback in its chart, and after bouncing from $2.8 support, the price rallied back to retest the $3.38 mark for a valid resistance level.
According to the crucial EMAs, the FTM coin is in a strong uptrend, where its price is trading above 20, 50, 100, and 200 EMA lines.
The RSI value of 75 indicates a bullish sentiment in the FTM coin. However, the RSI line has shown bearish divergence in its chart, projecting weakness among the market buyers.
The falling RSI predicts a double bottom pattern in the technical chart.
Today, the FTM coin price attempted to retest the $3.4 mark. However, strong resistance at this level pushed the price back and displayed a bearish inside candle. Moreover, the FTM traders also notice a strong bearish divergence in RSI charts, indicating weakness in this bull rally.
If the token price rejects this resistance, the technical charts could form a double bottom, with the neckline at the $2.8 mark, providing a short opportunity for its FTM traders. The FTM coin currently trades at $3.4, with an intraday gain of 11.3%.
Conclusion: From the technical perspective, the overall trend of the FTM coin is strongly bullish. However, the 4-hour time frame chart has started indicating a bearish outlook for this coin. Thus, the crypto trader should for the price breakout from the $3.48 before initiating a new long trade.
Support: $2.84
Resistance: $3.48
