FTM Technical Analysis: Bullish Influence Promotes Breakout Chances

After the drastic fall last month, FTM price action shows a lateral shift in trend, teasing the possibility of a bullish breakout to reach $0.50. Key technical points: FTM price rose 8% last night. The price action displays a consolidation range in the daily chart. The 24-hour trading volume of Fantom is $401 Million, reflecting a 26% hike. Past Performance of FTM On analyzing the performance of FTM, we saw an 80% drop in market value last month, but it was able to find support at $0.30. Following this interruption in the correction phase, buyers quickly overtook the trend control and led to an upward shift in the range of $0.40 and $0.30. Source-Tradingview FTM Technical Analysis The sideways trend in FTM suggests the possibility of a double bottom formation near close to the $0.30 mark. This is due to the price spike last night which increased the uptrend momentum. However, first, the trend must be able to surpass the confluence of the resistance trendline and the $0.40 mark. The crucial daily EMAs remain downward and bearish, with the spread growing from the 50 to 100 day EMAs. Hence, the EMAs project to be in an unstoppable downtrend. In terms of technical indicators, the RSI is rising above the boundary of the oversold zone. A sharp U-turn shows an upward divergence within this double bottom. This improves the odds of a breakout above the resistance trendline. Additionally, there is the Stochastic RSI illustrates the K an...