FANTOM Token Price Analysis: FTM token price is getting ready for big move

• FTM token price has been in uptrend for the past couple of trading days and is now consolidating in the middle.
• FTM token price is forming an ascending triangle pattern on the daily triangle.
• The pair of FTM/BTC is trading at 0.00004560 with decrease of -1.30% in the market cap of the digital asset over the past 24 hours.

  

FTM token price is, after testing long term supply zone of $3.2 has started falling down.The token is forming higher high and higher low formation on daily timeframe. The token was trying to break out of the all the vital Exponential Moving Averages (20, 50, 100) but it has failed.FTM token price is currently facing rejection of all the vital EMA and is trading below it.The token is trading on the lower band of the bollinger band indicator.The bollinger band indicator range is narrowing from the past couple of trading days, as the token wa sin consolidation phase.This suggest that the token can show big move on the either side after the breakout of the Bollinger band range. Volumes have decreased over the last trading days. If the coin breaks out of the range on the lower side with volumes ,then it can go down till $1.4 and on the upper side it can go upto $3.2 again.

FTM Token price is forming double top pattern on daily chart

FTM Token price is forming a double top pattern on the daily chart.As the technical parameters suggest , the price is turning bearish on daily timeframe.

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Average Directional Movement Index: ADX is continuously dipping from the past trading days and recently, it slipped below 20, as the token faced rejection at $3.2.The ADX curve is still in downtrend and suggesting a further fall in the price of FTM token.

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Moving Average Convergence Divergence (Bullish): MACD indicates a bearish trend on the daily time frame as it gave a negative crossover. The seller’s signal line (orange) crossed the buyer’s signal line(blue) on the downside, indicating a possible breakdown of the consolidation range, which will push the token price down to $1.4 with strong momentum.

RSI is showing bearish divergence on the weekly timeframe

FTM Token price is consolidating in a tight range from the past trading weeks  and has formed a double top pattern. RSI is showing bearish divergence indicating upcoming bearish trend in the price of the underlying asset.

Relative Strength Indicator: RSI is trading at 51.15, after the token faced rejection and fell down.The RSI curve fell down of the overbought zone and is also in downtrend since, the oken started falling down.The token is approaching halfway mark of 50 and if crosses below it, then the token price can fall down to $1.05. The RSI curve has crossed the 20 SMA curve, therefore indicating a bearish trend for upcoming days.

CONCLUSION:

The FTM token price is in downtrend, as per various timeframe analysis and it can fall further as  the technical parameters suggest. It remains to see if the token price is able to take support at $1.3 and bounce back or bears take the control and trample the price down to long term demand zone of $1.05.

SUPPORT: $1.05 and $1.3
RESISTANCE: $3.2 and $ 3.5

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.