Fantom (FTM) has broken down from an assistance location that had remained in the location given that Sept.2021 It has yet to reveal any indications that it may have reached a bottom.
FTM has been falling given that reaching an all-time high cost of $3.48 on Oct. 25, 2021 In Jan. 2022, it reached a somewhat lower high (red icon), efficiently developing a double top. The double leading is a bearish pattern that typically results in bearish pattern turnarounds.
Additionally, the pattern was integrated with bearish divergence (green line) in the RSI. This increased the significance of the bearish pattern.
FTM has been reducing at a sped-up rate given that. While it quickly bounced at the $1.18 horizontal assistance location, which had remained in location considering that Sept. 2021, it broke down in April and has actually up until now reached a low of $0.65
The breakout was likewise integrated with an RSI drop listed below 50, verifying its credibility.
Cryptocurrency trader @Tweak896 tweeted a chart of FTM, mentioning that the 3rd restorative cycle is now total.
Due to the previously mentioned bearish indications, a more detailed take a look at a lower amount of time is needed to identify if FTM has bottomed.
Lowest RSI in 2 years
Similar to the weekly timespan, the day-to-day one does disappoint any indications of a bullish turnaround. While the RSI is at its least expensive level because of March 2020, it has yet to reveal any prospective indications of a bullish turnaround. In addition, there are no indications of a bullish structure at all.
On the contrary, FTM appears to be following a coming down resistance line in the location given that the Jan. highs. A breakout from it would be needed for the pattern to be thought about bullish.
While the weekly and day-to-day amount of time is bearish, the two-hour one recommends that a short-term breakout may take place.
The factor for this is that FTM appears to be trading inside a short-term rising triangle considering the start of May. Such triangles typically result in breakouts.
However, even if the cost breakouts, this would likely just result in a re-test of the previously mentioned coming down resistance line before another drop.
Similar to the USD set, the cost action for FTM/BTC is bearish. The cost has been reducing together with a coming down resistance line and broke down from the 2900 satoshi assistance location on April 25
Besides the oversold RSI, there are no indications of a prospective bullish turnaround.