Vijesti Analize Will Fantom Continue its Upward Trend?

Will Fantom Continue its Upward Trend?

June 29, 2023 Analize
BITmarkets | Will Fantom Continue its Upward Trend?

January was a strong month for the Fantom (FTM) cryptocurrency; it gained almost 180% in value! From a technical point of view, the outlook for the upcoming period is very favourable which makes this coin quite attractive for crypto traders.

A strong bullish candle right at the beginning of the year reached the $0.65 level, which represented a key bearish imbalance (IMB) zone. It is always crucial to note the price flow which will follow that. In this case, we could see a downward correction in the following months, representing a weakening of the sellers - the bears.

This month, the price tested the bullish IMB zone, and currently, a revival of buying pressure can be observed, in the form of a pin bar candlestick formation.


FTM/USD - Monthly Time Frame

In terms of the weekly time frame, the price has formed a reverse formation in bullish structures - consequently, a bearish correction to the IMB zone has formed, which corresponds with the 0.214 Fibonacci level. Last week witnessed the closure of the bearish IMB zone, indicating the completion of the correction and a potential bullish move.


FTM/USD - Weekly Time Frame

The analysis of longer time frames is also essential to present a clearer technical consensus, and so it is important to see the current state of the six-hour time frame structure. The structures have a bullish bias, and the price flow is also very favourable. An ideal buy position would be at the 0.214/0.382 Fibonacci retracement level alongside the previous structure.


FTM/USD - 6 Hour Time Frame

Analysis across all major time frames presents optimistic buy signals. The situation may change however, and it is therefore pivotal to monitor the next price development. If the price closes below the higher low of the $0.254 mark, it would indicate the potential for further downside but until then, the structures are bullish in nature and characterization.

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