Fantom / TetherUSShort
FTMUSDT.1D
reviewing the FTM/USDT daily chart, I've noted several key technical elements that shape my current analysis and trading strategy. The chart reveals a consistent uptrend characterized by a rising support trendline since the low around $0.2575. This uptrend suggests a solid bullish sentiment in the market.
The price of FTM is currently near a pivotal point, having recently rebounded off the support trendline. Resistance levels R1 ($0.7903) and R2 ($1.0338) are critical for determining FTM's ability to continue this uptrend. The next major test for the market will be at R1, which previously acted as both support and resistance, indicating its significance.
Support levels are also crucial in my analysis, particularly S2 ($0.5253) and S3 ($0.2575), which serve as potential fallback points if the price retraces. The ability of these supports to hold will be essential in maintaining the bullish case for FTM.
From an indicator perspective, the Stochastic RSI suggests the market might be approaching overbought territory, indicating a possible slowdown or reversal in the short term. However, the MACD is still above its signal line, which supports the overall bullish trend.
Considering these factors, my strategy includes taking a cautious approach to entering new long positions at current levels. I plan to closely watch how the price behaves near R1 and use a break above this level with significant volume as a confirmation to add to my positions, targeting R2. Simultaneously, I will set stop-loss orders just below S2 to protect against potential downturns.
The price of FTM is currently near a pivotal point, having recently rebounded off the support trendline. Resistance levels R1 ($0.7903) and R2 ($1.0338) are critical for determining FTM's ability to continue this uptrend. The next major test for the market will be at R1, which previously acted as both support and resistance, indicating its significance.
Support levels are also crucial in my analysis, particularly S2 ($0.5253) and S3 ($0.2575), which serve as potential fallback points if the price retraces. The ability of these supports to hold will be essential in maintaining the bullish case for FTM.
From an indicator perspective, the Stochastic RSI suggests the market might be approaching overbought territory, indicating a possible slowdown or reversal in the short term. However, the MACD is still above its signal line, which supports the overall bullish trend.
Considering these factors, my strategy includes taking a cautious approach to entering new long positions at current levels. I plan to closely watch how the price behaves near R1 and use a break above this level with significant volume as a confirmation to add to my positions, targeting R2. Simultaneously, I will set stop-loss orders just below S2 to protect against potential downturns.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.