After 160% Gains, Fantom Price is Feared to Lose the Bullish Track: Here’s Where it May Reach

Photo of author
Written By Pinang Driod

The crypto markets are consolidating as the Bitcoin price remains stuck within a narrow range. After securing the levels at $64,000, now the token is looking for a bullish close above $65,000, which could intensify the markets on the whole. Besides, some of the altcoins have outpowered the star crypto with a huge price change and Fantom is one of them. The FTM price has been marking new yearly highs since the beginning of the month and now it appears that the token may have reached the local highs. 

Does it suggest the FTM price could undergo a bearish pullback?

After the recent price action, the support is slowly becoming the resistance, meeting the resistance level within a rising wedge. The price hit resistance but failed to surpass it, which indicates the sell’s have been piled up at these levels. Therefore, the price is now believed to undergo a correction phase, which may extract maximum gains. 

The above chart shows the price to be under bullish influence but the rising wedge is considered bearish. As a result, the FTM price is believed to undergo a pullback, which may drag the levels to the lower support of the wedge at $0.52, which also coincides with a pivotal support level. Besides, the RSI has also ranged to overbought levels, which substantiates the bearish claim. 

Once the Fantom price marks the lows close to $0.5, the bulls are expected to enter with a huge buying volume. This could trigger a healthy rebound, which may elevate the levels back within the bullish range. If the bull fails to do so, then a breakdown below the wedge may accomplish the pattern, and after invalidating the rising wedge, a fresh rise could occur towards new highs above $2.

SOURCE

Leave a Comment