FTM Price action is moving between an ascending trend line & a horizontal resistance (Supply zone) around 2.45$. Here we can assume 02 possible scenarios. Let's discuss it one by one.
First Scenario - price should bounce from given trend line or EMA 50 area to keep momentum & break the supply zone around 2.45$. If FTM managed to break the "Supply zone - B" with a good volume we might see the next price discovery rally & My short term target would be around 3.6$
Second Scenario - If the up trend line & EMA 50 are unable to hold the price it might come back & retest "Demand zone B". That means the accumulation phase will continue & collecting fuel to break heavy supply zone around 2.45$
The last time FTM accumulation period was around 25 days in between "Demand zone A" & "Supply zone A". In that phrase Around 6B volume traded. But recent accumulation period is still around 17 days & Only around 2.75B volume traded.
BTC price & Dominance will be directly affected to the above prediction. Still up trend line & 50-period EMA holding the price like champs. I feel FTM will hold the trend line & will enter the price discovery mode soon with the current market direction. Please wait for a clear breakout with above-average volume to enter for the trades.
First Scenario - price should bounce from given trend line or EMA 50 area to keep momentum & break the supply zone around 2.45$. If FTM managed to break the "Supply zone - B" with a good volume we might see the next price discovery rally & My short term target would be around 3.6$
Second Scenario - If the up trend line & EMA 50 are unable to hold the price it might come back & retest "Demand zone B". That means the accumulation phase will continue & collecting fuel to break heavy supply zone around 2.45$
The last time FTM accumulation period was around 25 days in between "Demand zone A" & "Supply zone A". In that phrase Around 6B volume traded. But recent accumulation period is still around 17 days & Only around 2.75B volume traded.
BTC price & Dominance will be directly affected to the above prediction. Still up trend line & 50-period EMA holding the price like champs. I feel FTM will hold the trend line & will enter the price discovery mode soon with the current market direction. Please wait for a clear breakout with above-average volume to enter for the trades.