Analyst Who Correctly Predicted The Fantom Breakout Above $1 Reveals What’s Next In The Parabolic Trend

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I find the recent Fantom (FTM) analysis by ‘Tradecitypro’ on TradingView to be both insightful and intriguing. Having witnessed numerous bull runs and bear markets, I can appreciate the skill it takes to accurately predict such price movements.

A TradingView user called ‘Tradecitypro’ has shared a comprehensive report on Fantom (FTM), outlining the digital currency’s price fluctuations across daily and 4-hour periods. This analyst, who correctly foresaw Fantom reaching $1, now points out crucial price thresholds, market patterns, possible future price swings, and bullish technical signals that could drive FTM during its next significant upward trend.

Fantom Daily Timeframe: Signs Of Trend Weakness

Following an accurate prediction of FTM’s price surge to $0.84, the TradingView expert has disclosed that the cryptocurrency is currently experiencing a parabolic growth trajectory. This trend is underpinned by a curved ascending trendline, which has served as a significant support for Fantom’s price movements. As per the analyst, Fantom’s price has repeatedly responded to this unique trendline, halting corrections and rekindling its upward trend.

During the latest upward movement in Fantom’s growth phase, the cryptocurrency breached the 0.7707 barrier and climbed into its weekly resistance area at 1.1116 where it has maintained a position above this level. Furthermore, various signals hint that FTM might be decelerating and losing steam. The size of its candles has been diminishing over time, which suggests decreasing bullish energy. Moreover, correction periods have become more pronounced, indicating heightened selling pressure and possible profit-taking.

It appears Fantom’s trading activity has decreased as well, hinting that traders may be moving their focus elsewhere. Another technical aspect indicating a bearish trend is the Relative Strength Index (RSI), which is displaying divergence signals, potentially suggesting a price reversal for FTM as it falls below 55.74 on the RSI chart.

In the future, an analyst using TradingView has pointed out that a strong bullish pattern and early signs of a price surge can be spotted when a cryptocurrency shows vulnerability and could possibly reverse its direction. If Fantom’s current downward trend persists, this analyst has marked the initial minor resistance level at 1.6218.

Furthermore, should FTM continue to hold its value steadily above the current level, it might encounter its next major resistance around 3.2506. This resistance area is close to FTM’s record high of $3.46, marking a substantial area with a large amount of sellers.

In contrast, if FTM experiences a price adjustment, it’s probable that it will fall to the initial support at the curved line of trend. If this trendline is breached, the subsequent price points to focus on are 1.1116 and 0.7707. A prolonged drop below 0.7707 could undermine the previous bullish outlook for Fantom, possibly causing the price to fall further, within the range of 0.5349 to 0.2928.

4-Hour Timeframe: Ascending Channel And Potential Breakouts

Over a span of 4 hours, an analyst using TradingView has pointed out that Fantom’s current price action falls within an ascending channel. At this moment, the price is touching the middle line of the channel, offering temporary assistance.

According to the analyst, Fantom is likely to stay inside its ascending channel without any major shifts. But, if it manages to break free from this channel, there could be two possible outcomes: either it begins a new surge (similar to a parabolic rise) or the current bullish trend might end due to a decrease in momentum.

According to the analysis made by the TradingView expert, the level at $1.636 represents Fantom’s potential upcoming resistance point. But if Fantom’s price hasn’t hit this region yet, the analyst proposes a more secure approach for taking long positions, using principles from Dow Theory and channel breakouts as a guide.

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2024-12-18 03:04