FTM 12h How much more strength and enthusiasm do buyers have?

9 Sep 2021

Trading pair FTMUSDT is probably one of the few, which in the last month is only growing, relentlessly, despite the trading maneuvers of the pair BTCUSDT.
Let's try to understand what is happening now on the FTMUSD price chart.

We can assume that an expanding triangle was forming on the chart from March to August, but usually such a pattern is formed on global highs or lows for a trend reversal.

But on this chart, the price of FTMUSDT confidently broke through the upper boundary, and on the sharp correction of the crypto market on 07.09.21, the price of FTM fell by 39%. On the one hand — this strong fall eliminated a large number of margin positions, but on the other hand — this fall was sharply bought off and looks like a retest of the upper boundary of the triangle for strength.

The growth in the FTMUSD has been going on for quite a long time and without a pullback, so it is worth suggesting several possible developments in the future:
1) if the buyers do not allow the price of FTM to fall below $1.75 today/tomorrow, we can count on the growth to $2.30-2.40.
2) below $1.75 we have a buyers' bastion of protection around $1.13. If the buyers show their activity there for the second time, the consolidation can be prolonged, but the target for the global growth will grow to $5.20
3) The price fixing under $1.13 will mean that the buyers gave the initiative to the sellers, and this in turn will mean the continuation of falling price. The first strong support from the bottom is near $0.55, and the global fall may finish near $0.30.
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8 Nov 2021

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