FTM Has Broken Out of the Downtrend on Its BTC and USD Pairings
- The crypto trader Bluntz shared that FTM has broken out of its downtrend.
- Bluntz stated that there is a big clear 3 wave move down present on FTM’s chart.
- FTM’s price has risen more than 15% over the last 24 hours according to CMC.
The crypto trader Bluntz (@Bluntz_Capital), tweeted this morning that the price of Fantom (FTM) has broken out of the downtrend on the USD pair and the BTC pair. In the tweet, he added that there is also a macro structure present on FTM’s chart which is “a big clear 3 wave move down.”
The trader expressed his bullish sentiment for FTM by concluding the tweet with “hard not to be looking for longs on some things now in light of this weekend price action.”
FTM’s price has risen just over 15% in the last 24 hours according to CoinMarketCap. Furthermore, FTM strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 5.54% and 6.07% respectively. At press time, FTM’s price stands at $0.3876.
Daily chart for FTM/USDT (Source: TradingView)
The price of FTM broke out of its medium-term bearish trend over the weekend after it bounced off of the support level at $0.3143 on Saturday. Following this bounce off of the support level, the altcoin’s price surged past the resistance level at $0.3595 with a 17.71% move yesterday.
FTM’s price is currently trading above the 9-day EMA line — a level which has been a strong resistance level in this bear market. The altcoin’s price also attempted to challenge the resistance level at $0.3982 today but was rejected by the level earlier this morning after establishing a daily high at $0.3999.
FTM’s price may be forming the foundation needed for a big move tomorrow as traders and investors wait for the U.S. interest rate announcements which will be made tomorrow.
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