The Fantom cryptocurrency is probably one of the few that has been growing steadily over the past month, despite Bitcoin’s trading movements.
Let’s try to figure out what is happening now on the FTMUSD price chart.
Fantom cryptocurrency – Main price movement forecast
It can be assumed that an expanding triangle formed on the chart from March to August, but this pattern usually forms at global highs or lows for a trend reversal.
But on this chart, the FTM price has confidently broken the upper limit, and on the sharp correction of the crypto market on 9 July 21, the FTM price fell by 39%. On the one hand, this strong fall liquidated a large number of margin positions. But on the other hand, this fall was abruptly bought back and looks like a retest of the upper limit of the triangle for strength.
The growth of the Fantom cryptocurrency has been going on for quite a long time and without a rollback. Therefore, the main scenario for the FTM market is the beginning of a correction. The main question is how deep the correction of the Fantom cryptocurrency will be. Therefore, we have marked on the chart two very likely scenarios of the FTM price movement.
Two corrective scenarios for the Fantom cryptocurrency price
1) Below $1.75, we have formed a bastion of buyer’s protection in the $1.13 range. If there buyers show their activity for the second time, the consolidation may be delayed. However, this will be a positive scenario for the Fantom cryptocurrency. A small accumulation in the local consolidation of $1.13-1.75 will give the FTM market a new wave of growth with the target of $5.20.
2) A fixation of the FTM price below $1.13 would mean that buyers have given the initiative to sellers. In this case, we will expect the price to continue falling. The first strong support from below is at $0.55, globally, the fall may end at $0.30.
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FTMBTC price failed to fix above 0.0000373
The FTMBTC chart also speaks of the beginning of the correction of the Fantom cryptocurrency. Pay attention at which volumes buyers tried to break the important level 0.0000373 three times. However, after 3 false breakouts, sellers started their game. Given the power of the growth wave, we do not recommend buying the Fantom cryptocurrency at the moment. The risk of a massive collapse in the FTM price before the end of September is extremely high.
