FTM Technical Analysis: Consolidation Above $0.35 Creates a Launchpad

The FTM price action shows a consolidation range forming above $0.35, teasing a potential bullish reversal due to increased lower price rejection candles. Key Technical Points: The Fantom (FTM) price jumped 60% last month before consolidation above $0.35. The market price approaches the support trendline, increasing the possibility of a bullish reversal. With a market cap of $954 billion, the intraday trading volume of Fantom has increased by 2.34% over the last 24 hours. Past Performance of FTM As predicted earlier, the bull cycle gives a bullish breakout of the ascending triangle pattern to rise above $0.35. The breakout rally exceeds the 100-day SMA but takes a lateral shift leading to a consolidation range with $0.38 as the resistance level. However, the growing number of lower price rejection candles displays an increase in underlying bullish sentiments. Source – Tradingview FTM Technical Analysis The FTM technical chart shows that the consolidation range’s bullish breakout can find opposition at the $0.43 mark. However, traders hoping for a bullish breakout should wait for a price action confirmation to avoid any bearish reversal. As the Fantom market price sustains above the 100-day SMA, the 50-day SMA maintains a bullish trend that may prove crucial bullish support. The daily-RSI slope maintains the sideways train in the nearly overbought zone slightly above the 14-day average line. However, the MACD indicator showcase...