The FTM coin dropped to the $1.28 support during the pullback, indicating a 60% discount from the All-Time High of $3.48. However, experiencing strong demand pressure from this support, the coin started rising again, trying to end this correction phase. Moreover, the technical chart also shows a bullish rounding bottom pattern, which would boost the ongoing rally.
Key technical points:
- The FTM price jumps above the 50 and 100 in the daily time frame chart
- The daily RSI line shows an impressive recovery along with crossing the above the neutral zone
- The 24-hour trading volume in the Fantom coin is $840.3 Million, indicating a 1.7% gain.
The last time when we covered an article on Fantom coin on November 24th, this pair challenged the $2.6 resistance with the hope of continuing its rally. However, the intense selling pressure rejected the price with an evening star candle and plugged it back to $2.
Furthermore, with the help of the crypto bloodbath on December 4th, the correction phase extended as the coin breached the support zone near $2 and fell to the $1.27 mark. The coin price obtained significant support from this bottom level, initiating a new rally in its price. The coin is currently trading at the $2.01 mark and has recovered around 55%.
This recovery rally in the FTM coin managed to reclaim the 20, 50, and 100 EMAs, indicating a strong uptrend. The daily Relative Strength Index (61) showed a straight-up rally approaching the overbought zone.
FTM/USD 4-hour time frame chart
The Fantom coin shows the formation of a rounding bottom pattern in the 4-hour time frame chart. The pattern’s neckline was at the $2 mark, and today the price has provided a decisive breakout from this overhead resistance, providing an excellent long entry opportunity if the price sustains above it.
The traditional pivot level suggests that crypto traders expect the nearest resistance at $2.1, followed by $2.3. And for the opposite end, the support levels are $1.9 and $1.75.
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