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FTM Technical Analysis: Is This Ascending Triangle Breakout Possible?

FTM Technical Analysis: Is This Ascending Triangle Breakout Possible?


Cryptoknowmics
2022-08-04 10:20:37
FTM Technical Analysis: Is This Ascending Triangle Breakout Possible?

According to the technical analysis, FTM prices maintain an uptrend with the support of an ascending trendline teasing a price jump above the 100-day SMA. Key Technical Points: The Fantom (FTM) price action shows an ascending triangle pattern in the daily chart. The bull run in Fantom prices challenges the 100-day SMA with a turnaround in the 50-day SMA. With a market cap of $889 million, the intraday trading volume of Fantom has increased by 87% to reach $337 million. Past Performance of FTM The FTM price break above the long-coming resistance trendline to reach the $0.35 horizontal level resulting in the formation of a support trendline. Additionally, the support trendline completes an ascending triangle pattern with the $0.35 mark as the overhead resistance. With the support trendline’s help, the bull run is accountable for a price jump of 50% in the last three weeks. Source – Tradingview FTM Technical Analysis The FTM price chart shows a declining trend in the intraday trading volume despite the bull run feeling the potential bearish fallout. Moreover, the higher price rejection in the daily candle displays high selling pressure above the $0.35 mark. As the Fantom market challenges the 100-day SMA, the bullish influence over the 50-day SMA grows significantly. Hence, the potential fallout of the support trendline can find support at the 50-day SMA. The RSI slope maintains a diagonally bullish trend in the nearly overbought...

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