- The FTM token price is trading near the supply zone on a daily time frame.
- The FTM token price is forming a rounding bottom pattern on a daily time frame.
- The pair of FTM/BTC is trading at the price level of 0.00001083 with an increase of 1.59% in the past 24 hours.
The FTM token price as per the price action is trading at the supply zone. The token price fell sharply during the past two weeks. Recently, the token price was consolidating near the demand zone. After consolidation, the token price broke the resistance and started moving upwards. As of now, the token price is forming higher high and higher low formation on a daily time frame. While on a larger time frame the token price is still in a bearish trajectory. The FTM token price has shown a straight bullish move from the bottom and therefore some consolidation near the supply zone is bound to happen. At present, the FTM token price is below the 50 and 100 Moving Averages. The token price fell below the important MAs during the previous sell-off in the global markets. The FTM token price can face the rejection of these MAs moving upwards. The recent rise in the price of FTM token price has led to it trading at the upper band of the Bollinger band indicator. The token price has also stormed past the 14 SMA indicating short-term bullishness. Recent bullishness has resulted in the volumes increasing. Therefore investors should remain cautious and wait for a breakout of the supply zone, then act accordingly.
The FTM token price is forming a rounding bottom pattern on a daily time frame
Relative Strength Index: RSI curve is trading at the price of 59.42 as the token bounces off the demand zone. At present, the RSI curve has crossed the 20 SMA. The token is forming higher low and higher high formation on a 4-hour time frame as the token shows bullishness in the higher time frame. The FTM token price can be seen moving if it sustains the recent gains and breaks the supply zone and if it does then the RSI curve can be seen moving even higher up supporting the trend.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly in a 4-hour time frame. Recently the FTM token price fell after the breakout of long-term resistance. As of now, the token price has started moving up again after bouncing off the demand zone and as a result, the gap between the blue and orange lines can be seen widening supporting the trend.
Average Directional Movement Index: ADX has been continuously dipping as the token price trades in a bearish trajectory on a weekly time frame. As of now, the token price is trading at the important supply zone. The breakout of the supply zone can act as a strong demand zone in the coming days. At present, the token price is trading in a small range on a 1-hour time frame, and if the same continues the token price can be seen breaking on either side, triggering strong moves in the upcoming days. The ADX curve has dipped out of the 20 mark.
CONCLUSION: FTM token price is in an uptrend on a larger time frame. While on a smaller time frame the token is consolidating in a small range. The technical parameters are also seen supporting the trend as they turn bullish. Investors should wait for a confirmation of proper bounce back and then act accordingly.
SUPPORT: $0.221 and $0.225
RESISTANCE: $0.244 and $0.236
