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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.
Conclusion
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.
The post Is now a good time to sell Fantom coin? appeared first on Invezz.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.