FTMUSDT.1D
2024-11-24

As I analyze the FTM/USDT daily chart, Fantom is currently trading at 0.8860, showing strong upward momentum after breaking out of a descending channel pattern. This breakout signals a shift in market sentiment, favoring the bulls, as the price targets key resistance levels.

The first significant resistance level is R1 (0.9817). A breakout above this level could pave the way for further bullish movement toward R2 (1.2426), which represents a key psychological and technical barrier. However, failure to break R1 might result in a pullback or consolidation, with potential support levels below.

On the downside, immediate support is at S1 (0.5124), which coincides with the ascending trendline formed by recent higher lows. Below this, S2 (0.3700) serves as a critical level to maintain the overall bullish structure. A breakdown below these supports could shift the market sentiment back to bearish.

The MACD (12, 26) indicator shows a bullish crossover, with the MACD line above the signal line and positive histogram bars expanding. This indicates growing bullish momentum. Meanwhile, the RSI (14) is at 54.32, suggesting that there is room for further upward movement before the price enters overbought territory.

The breakout from the descending channel has confirmed a bullish bias, with the ascending trendline acting as a dynamic support level. If FTM can sustain its momentum and break above R1, the price could enter a more significant rally phase, targeting R2 and beyond.

In conclusion, my outlook for FTM/USDT remains bullish as long as the price respects the ascending trendline and holds above S1. The focus will be on the price action around R1 to determine whether a breakout or rejection occurs. A breakout above R1 would confirm the continuation of the uptrend, while a rejection could result in a retracement toward support levels. I will monitor these key levels closely to adjust my strategy accordingly.