Analyst Who Correctly Predicted The Fantom Breakout Above $1 Reveals What’s Next In The Parabolic Trend

A cryptocurrency analyst on TradingView, known as “Tradecitypro,” has published a detailed report on Fantom (FTM). a reportanalyzing the price movement of the cryptocurrency across the daily and 4-hour time frame. After accurately predicting Fantom’s rise above $1, the analyst highlights key price levels, market trends, potential price movements and bullish technical indicators for Parabolic trend following FTM.

Phantom daily time frame: signs of trend weakness

After correct prediction FTM price breakout At $0.84, a TradingView analyst revealed that the cryptocurrency is now following a parabolic uptrend, supported by a curved upward trend line. According to the analyst, Fantom’s price has interacted several times with this distinct trend line, End of price corrections Resuming its upward momentum.

During the recent upward surge during Upside for Phantomthe cryptocurrency surpassed the resistance level of 0.7707 and rose to the weekly resistance area at 1.1116, where it settled above this level. Furthermore, many indicators suggest that FTM may slow down and lose momentum. The candle sizes have gradually decreased, indicating reduced bullish activity. In addition, price corrections intensified, indicating increasing selling pressures Capture potential profits.

Fantom’s trading volume has also declined, suggesting that traders’ interests may be changing. Another technical indicator that is currently bearish is… Relative Strength Index (RSI), Which is showing signs of divergence, indicating a possible reversal of the FTM price falling below 55.74 on the RSI.

Looking ahead, the TradingView analyst revealed that a notable sign of sharp uptrends and pre-pump moves is when the cryptocurrency shows weakness and the potential for a price reversal. If Fantom’s current downtrend continues, the analyst has identified the first minor resistance level at 1.6218.

In addition, if FTM can maintain a stable price above this area, the next and strongest resistance could be at 3.2506. This resistance area is located near FTM’s all-time high at $3.46, representing an important supply area.

On the other hand, if the FTM experiences a price correction, it will likely fall to the first support at the curved trend line. If the trend line is broken, the next price levels to watch are 1.1116 and 0.7707. A sustained price decline below 0.7707 would invalidate the previous decline Phantom’s bullish scenarioWhich may push the price further down to between 0.5349 and 0.2928.

4-hour time frame: ascending channel and possible breakouts

On the 4-hour time frame, a TradingView analyst revealed that Fantom is currently moving within a time frame Rising channel. The cryptocurrency price interacts with the middle line of the channel, providing temporary support.

The analyst revealed that no major movements are expected if Phantom remains within this ascending channel. However, if the cryptocurrency manages to breakout, it could lead to two possible scenarios: the beginning of a new parabolic trend or trend exhaustion due to loss of upward momentum.

TradingView analyst has identified the price level at 1,636 as the next stable resistance level for Fantom. However, if FTM price If the price has not reached this area yet, the analyst suggests a safer strategy of taking long positions based on Dow Theory and channel breakouts.

Featured image created with Dall.E, chart from Tradingview.com