the bullish momentum waned, leading to a bearish trend: flip?
From October 2023 to March 2024, FTM experienced a remarkable surge of nearly 600%. However, the bullish momentum waned, leading to a bearish trend that placed FTM in a falling wedge pattern.
Over the next five months, FTM's price dropped by almost 75%. On August 5th, the price rebounded from the lower boundary of the wedge. In the past 38 days, FTM has grown by nearly 90%, with a 25.66% increase this week alone.
This week, the price broke through the 20-day and 50-day EMAs and slightly breached the upper boundary of the wedge. Optimism around FTM has risen, with the 200-day EMA band being the next significant resistance level.
According to Fantom price predictions, if FTM can sustain above the 200-day EMA band, the long-term outlook could shift positively. A Change of Character (ChoCh) might be observed above the $0.550 level. Additionally, if critical support levels attract more bullish interest, a breakout from the falling wedge pattern could occur, with resistance levels at $0.62 and $0.77.
However, if bearish dominance persists, the price could fall below the demand zone. Failure to surpass the 200-day EMA and failure to achieve a successful ChoCh could negate the bullish outlook, with potential support levels at $0.40 and $0.30.
Over the next five months, FTM's price dropped by almost 75%. On August 5th, the price rebounded from the lower boundary of the wedge. In the past 38 days, FTM has grown by nearly 90%, with a 25.66% increase this week alone.
This week, the price broke through the 20-day and 50-day EMAs and slightly breached the upper boundary of the wedge. Optimism around FTM has risen, with the 200-day EMA band being the next significant resistance level.
According to Fantom price predictions, if FTM can sustain above the 200-day EMA band, the long-term outlook could shift positively. A Change of Character (ChoCh) might be observed above the $0.550 level. Additionally, if critical support levels attract more bullish interest, a breakout from the falling wedge pattern could occur, with resistance levels at $0.62 and $0.77.
However, if bearish dominance persists, the price could fall below the demand zone. Failure to surpass the 200-day EMA and failure to achieve a successful ChoCh could negate the bullish outlook, with potential support levels at $0.40 and $0.30.
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