THELOGICALINDIAN - A accurate abstruse indicator forecasts that Fantom is apprenticed for a pullback afterwards adequate an absorbing uptrend
Fantom continues to beat best cryptocurrencies in the bazaar afterwards convalescent from the best contempo bazaar downturn. Still, FTM appears apprenticed for a fasten in profit-taking that could burn a ample retracement.
Fantom Might Briefly Pull Back
Fantom could be apprenticed for a abrupt alteration afore boot appear college highs.
FTM is one of the few bill that has managed to balance from the market-wide correction that began in backward October 2021. While Bitcoin and Ethereum abide 30% beneath their antecedent best highs, Fantom is abutting amount analysis mode. The 26th-largest cryptocurrency by bazaar cap bottomed out in aboriginal December at $1.14 and has risen by about 180% back then.
Despite the cogent assets incurred over the accomplished month, Fantom appears to be trading in overbought territory. The Tom DeMark (TD) Sequential Indicator presented a advertise arresting on FTM’s 3-day chart. The bearish accumulation developed as a blooming candlestick, which is apocalyptic of a one-to-four 3-day candlestick alteration afore the uptrend resume.
A fasten in profit-taking about the accepted amount levels could advice validate the bleak outlook. Under such circumstances, Fantom could booty a nosedive appear the 50% or 38.2% Fibonacci retracement levels. These key abutment areas sit at $2.42 and $2.12, respectively.
It is account acquainted that FTM appears to be adequate a advantageous uptrend that has apparent assorted corrections on the way up. For this reason, it is reasonable to accept that added affairs burden about the accepted amount levels can accomplish abundant drive to invalidate the bearish thesis.
If Fantom were to breach through its antecedent best aerial at $3.69, it would acceptable accept the backbone to abide boot advanced appear $5.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC and ETH.
