- On a daily time scale, the price of the FTM coin is trading in the demand zone.
- On a daily time period, the price of the FTM coin is exhibiting a falling wedge pattern.
- The price of the FTM/BTC pair is now 0.00001641, down 1.12% over the last 24 hours.
On a smaller time period, the FTM coin price is trading towards the supply zone, whereas on a bigger time frame, the coin price is trading near the demand zone. The FTM coin price is trading above the long-term demand zone after a significant rebound. Despite the market’s strong adverse emotions, the coin price has managed to stay above the demand zone.
FTM token price imitates a possible bullish run
On an hourly basis, FTM coin price is forming higher highs and higher lows patterns. On a longer time scale, coin price is generating lower lows and lower highs. The price is now trading below 50 and 25 Moving Averages. Following the negative trend, the price has fallen below these moving averages. As price rises, it is met with significant resistance from moving averages.
Likewise, price has failed to break through top band of Bollinger band, remaining in centre of it. Volatility has increased due to increased volume, so investors should remain cautious and wait for clear trend.
The FTM coin price is forming a falling wedge pattern on a daily time frame
The FTM coin price has been sideways, as it managed to sustain above the demand zone on the daily timeframe. Recent bullishness resulted in the FTM coin price rising above the important short-term demand zone. Previously the FTM coin price was resting in the super trend buy zone. Despite the rise in the coin price it has failed to surpass the super trend sell line which is acting as a strong supply zone. Moving upwards the coin price can be seen facing strong bearish pressure from the super trend sell line if bulls fail to overpower the bears.
Recent movement in the price of FTM coins seems to be bearish on the weekly time frame as the MACD indicator has triggered a negative crossover. The orange line crossed the blue line on the downside indicating bearish momentum in the upcoming days. If the coin price can sustain above the current short-term demand zone, then the MACD indicator can be seen to turn positive. If the FTM coin price fails to hold the current price levels and falls below the demand zone, the MACD line can be seen widening supporting the breakdown.
The FTM coin price has been on a rise for the past couple of days and recently it started consolidating near the supply zone. As a result the ADX curve also fell, depicting the consolidation. Moving upwards if the coin price can sustain above the demand zone, the ADX curve can be seen dipping out of the 25 mark, as the coin price breaks the supply zone. If not, then the coin price can be seen falling leading to the ADX curve falling further.
Conclusion: The FTM coin price is hovering around the supply zone on a lower time frame. As per the price action, the coin price is forming a reversal chart pattern. The technical parameters are indecisive due to sideways movement. It remains to see if the coin price will break the chart pattern on the upside or break the demand zone.
Support: $0.31 and $0.09
Resistance: $0.35 and $0.39
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/12/ftm-coin-price-analysis-coin-price-indicates-bullish-trend/