Fantom May perhaps well Face Correction Sooner than Unusual All-Time Highs

Fantom May perhaps well Face Correction Sooner than Unusual All-Time Highs

A particular technical indicator forecasts that Fantom is certain for a pullback after taking half in a formidable uptrend.

Key Takeaways

  • Fantom has risen by with regards to 180% since early December 2021.
  • Now, FTM appears to possess reached overbought territory.
  • If sell orders pile up, the DeFi token would possibly maybe retrace to $2.42.

Fantom continues to outperform most cryptocurrencies available within the market after improving from the latest market downturn. Gentle, FTM appears certain for a spike in income-taking that will maybe maybe ignite a really intensive retracement.

Fantom May perhaps well Quick Pull Abet

Fantom would possibly maybe be sure for a transient correction ahead of marching in direction of greater highs.

FTM is one in every of the few coins that has managed to recuperate from the market-wide correction that started in tiring October 2021. Whereas Bitcoin and Ethereum dwell 30% below their outdated all-time highs, Fantom is drawing advance imprint discovery mode. The 26th-most attention-grabbing cryptocurrency by market cap bottomed out in early December at $1.14 and has risen by with regards to 180% since then.

No topic the lots of good points incurred over the last month, Fantom appears to be procuring and selling in overbought territory. The Tom DeMark (TD) Sequential Indicator presented a sell signal on FTM’s 3-day chart. The bearish formation developed as a inexperienced candlestick, which is indicative of a one-to-four 3-day candlestick correction ahead of the uptrend resume.

A spike in income-taking around basically the most contemporary imprint ranges would possibly maybe aid validate the pessimistic outlook. Beneath such instances, Fantom would possibly maybe take hold of a nosedive in direction of the 50% or 38.2% Fibonacci retracement ranges. These key toughen areas sit down at $2.42 and $2.12, respectively.

Fantom Us dollar price chart
Provide: TradingView

It’s value noting that FTM appears to be taking half in a healthy uptrend that has seen lots of corrections on the methodology up. For this reason, it’s cheap to rob that further procuring stress around basically the most contemporary imprint ranges can generate ample momentum to invalidate the bearish thesis.

If Fantom were to interrupt thru its outdated all-time excessive at $3.69, it would possibly most likely maybe maybe likely possess the flexibility to proceed marching forward in direction of $5.

Disclosure: At the time of writing, the author of this half owned BTC and ETH.

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