FTMUSDT fell as low as $ 0.02 in a sharp collapse after rising as high as $ 0.05665 in early September. Fantom found solid support at $ 0.2678 in the first half of September and has been continuing its upward trend since September 18. However, the formation of lower highs in the upward movement seems to increase the downward pressure on the Fantom token.
On the other hand, a horizontal crossing of the symmetrical triangle pattern formed on the daily chart may not be perceived as a clear bearish signal. It is seen that a downward movement did not start after the triangle breakdown.
Instead, it would be more accurate to talk about a price squeeze in the FTMUSDT. This is because Engineeringrobo has not yet given a sell signal and that buy1 and buy2 signals are valid on the daily chart. Accordingly, the first target after the daily closing above $0.04060 may be the trend line corresponding to 0.04255 (%4,8). If this trend breaks up, we can see an upward move towards the $0.05665 (%40) resistance again.
When we look at the decline scenario, $0.03788 seems to be an important support. Daily closings below this level may result in a decline to 0.03104, the bottom line of the Green cloud.
For FTMUSDT Support and resistance levels (according to fibonacci levels) are as follows:
R3 0,05285
R2 0,04772
R1 0,04455
Pivot 0,03942
S1 0,03429
S2 0,03112
S3 0,02599
Disclaimer: The information in the content is not an investment advice. Author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.