Published 10 hours ago
The last two months in the crypto market have been a constant struggle between the sell-off and uncertainty in the crypto market. Amid this chaos, the FTM/USDT pair showcased its price action behaving in response to a descending resistance trendline, whose breakout triggered a significant recovery rally. The coin price has recently sliced through another resistance of the $0.3 mark, projecting a fresh entry opportunity.
Key points
- The FTM buyers provide a massive breakout from the $0.32 resistance, with a 15.36% intraday pump
- Potential bullish rally to rechallenge the $0.43 mark
- A breakdown from the $0.3 mark would invalidate the bullish thesis
Source- Tradingview
From May 23rd to July 5th, the FTM price faced dynamic resistance from the downsloping trendline, which plunged it to a low of $0.1961. However, on July 6th, the coin price breached the resistance trendline and surged to the immediate supply zone of $3.
Furthermore, the profit-booking from short-term trades triggered a significant retest phase and provided potential buyers to scoop FTM at a discounted price. The post-retest rally surged the altcoin by 42%, which currently trades at the $0.332 mark.
Amidst this recovery, the FTM chart shows a massive breakout from the $0.32 resistance, offering a potential footing to raise the price higher. Moreover, the 121% rise in volume accentuates a legitimate breakout, indicating the buyers are ready for another leg up.
However, a retracement seems plausible after this sudden rally, which could retest the breached resistance of $0.32. If the coin price sustains above this level, the buyers may drive the recovery rally 30% higher to the $0.433 mark, followed by $0.52.
On a contrary note, if the FTM price fails to hold above the $0.433 flipped support, the sellers may pull the coin back to the $0.3 mark, indicating the continuation of range consolidation.
Technical indicator
RSI indicator: The daily-RSI slope shows nearly a perpendicular rally as it hits the 65% mark. The evident bullish divergence in the indicator chart reflects the underlying bullishness in the FTM price.
EMAs: In the recent price jump, the buyers reclaimed the 20-and-50-day EMA slopes. This breached resistance could flip to viable support and sustain the bullish recovery longer.
- Resistance level- $0.43 and $0.52
- Support levels- $0.32-0.3 and $0.21
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/fantom-price-analysis-how-far-can-ftms-new-recovery-rally-go/