CandleFocus Fantom Price Shows Dip: Can Bulls Bounce Back?
2024-10-28
Author: Content Editor
The Fantom (FTM) price has experienced a breakout from a falling channel, resulting in a 30% gain. However, it faced resistance at $0.800 and has fallen steadily. Despite this, it found support near the 200-day EMA and formed a bullish candlestick. Crypto analyst Kris088 believes FTM has the potential for positive performance due to an inverted head and shoulder pattern. If the price surpasses $0.800, it could generate strong buying momentum. Currently trading at $0.643, FTM has shown a mild gain of 0.34% in the past 24 hours. The 24-hour trading volume has decreased, indicating decreasing investor engagement. Sustaining the 200-day EMA could suggest buyer dominance. Buyers may plan long positions if FTM takes support on the 200-day EMA and surpasses the 20-day EMA, possibly pushing the price to $1. However, if the price trades below the 200-day EMA, sellers could bring it down to $0.20. The technical indicators, RSI and MACD, suggest a bearish sentiment. Overall, FTM has displayed volatility and its ability to maintain support at the 200-day EMA will be crucial for future performance.
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