FTM (Fantom): Approaching Support
Trade setup: Price remains in a downtrend. It had a failed breakout from Falling Wedge pattern and failed to stay above $0.50 resistance, which would signal trend reversal. If it breaks back above $0.50, it could revisit $0.60 for a +20% gain.
Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. (concept known as polarity). Once price breaks below support, it can move lower to the next support level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.40, then $0.30. Nearest Resistance Zone is $0.50, then $0.62.
Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. (concept known as polarity). Once price breaks below support, it can move lower to the next support level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.40, then $0.30. Nearest Resistance Zone is $0.50, then $0.62.
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