On the lower timeframe chart , FTM rallied before a price rejection claimed all the gains. FTM’s price action in mid-February formed a double-bottom pattern, a bullish formation that offered investors 24% gains after retesting the overhead resistance of $0.5951.
However, the correction after the rejection has set FTM to depreciate by 35%, at the time of writing. The drop chalked a descending channel before FTM entered a consolidation range of $0.3944 and $0.4265 over the past few days. Prevailing macroeconomic headwinds could sustain the drop below the price consolidation.
Therefore, FTM could continue oscillating between the highs and lows of the descending channel . Short-term bulls could seek new buying opportunities at the channel’s mid-level or the lower boundary of $0.3857 and $0.3552, respectively. The targets will be the channel’s mid-level, 13-period EMA, 26-period EMA, or the channel’s upper boundary.
On the contrary, short-sellers could short the token if it fails to close above the channel’s mid-level and target its lower boundary. An extended drop below the channel could be checked by $0.3162. The OBV has recorded fluctuations since mid-February, while the RSI stayed below the 50-mark over the same period. It highlighted limited buying pressure as FTM traded within a range.According to Santiment, FTM’s Funding Rate has fluctuated over the past few days, showing unstable demand in the derivatives market. This has undermined a strong recovery or breach of the price consolidation range. Similarly, monthly holders have cleared all gains and sustained losses since mid-February.
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