Fantom (FTM/USD) is up 50% over the past 30 days which implies timely investors are sitting on an impressive profit. But with volumes falling and a 7% decline recorded over the past 24 hours, investors are naturally wondering if the rally is over and if now is a good time to sell Fantom coin.
- After a sharp rally, FTM formed a pole and flag pattern on Monday and gave a breakout on Tuesday.
- After the breakout, FTM has approached the 0.618 level and is now formed a Doji candle which is indicating a reversal.
- A pullback around the price of $1.61 which is also the 200-day moving average price can be expected.
- A long entry can be taken once it is in the demand zone with targets of a new all-time high.
- Be cautious if you are entering a short that this may not be the end of the FTM rally and it is only correcting in price before a new high.
- If you are holding FTM you can slowly start booking some profits and look for an entry at lower points.
Let’s take a closer look at the weekly chart of FTM.
- On Monday FTM formed a descending triangle and gave a breakout on Tuesday
- FTM was re-testing the trendline on Tuesday and it also formed a bullish RSI divergence which is suggesting that FTM may start another rally.
- FTM will be considered as bearish only if a breakdown below the level of $2 is seen.
- FTM has already tried breaking down multiple times and it may only be a matter of time until the breakdown is seen.
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FTM is now pulling back and now may be a good time to book some profits, however, the pullback will not be lasting too long and FTM could continue its rally once again and form a new high.
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