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FTM coin price forms a converging rising channel while the underlying bearishness increases. Hence, a bearish attack is possible soon.
Fantom is an innovative smart contract platform that provides developers with decentralized finance services through its consensus algorithm.
Fantom, together with FTM, its in-house token, aims to address problems associated with smart-contract platforms. It includes transaction speed. Developers claim they have reduced it to less than two seconds.
Let us now take a deep look into the technical analysis of Fantom's cryptocurrency.
Past Performance of FTM
After finding the rise in demand near the $1 mark, the FTM coin price began to rise higher in an uptrend. However, the price action led to the formation of the converging channel in the daily chart.
More often than not, converging channels lead to a bearish fallout. Hence, we can soon see a corrective phase in the FTM coin price.
Nonetheless, the possibility of a bullish breakout is still on the table due to the recent increase in buying pressure and the overall crypto market sentiment for altcoins turning bullish.
Source - Tradingview
FTM Technical Analysis
Currently, Fantom's value is at $2.53. Additionally, the coin price has seen a growth of 10.08% in the last 24 hours, with a rise of 80% in the intraday trading volume.
The Pivot Points in the daily chart imply that the following levels can play an important role. The $3 or $3.8 levels can act as obstacles in case of a bullish breakout. Whereas, on the flip side, $1.9 or $1.3 can act as support.
The MACD indicator in the daily chart moves in the positive territory above the central mark. However, the fast and slow lines move in close proximity, which may soon give a bearish crossover. Therefore, the indicator provides a neutral signal regarding FTM crypto with a gradual rise in bearishness.
With the price action signaling a possible fallout, the RSI indicator projects a divergence as the price increases. This signals a strong sell signal.
Upcoming Trend
The gradual rise in bearish nature in the FTM price can be seen in the combination of technical indicators and the price pattern of Fantom cryptocurrency.
For traders, the entry opportunity awaits the breakout of the price pattern. We can see a massive fallout in coin price upon the bearish overtake of the trend.