FTM prices reverse from the support trendline to jump 12.5%, resulting in a bullish breakout to test the overhead supply zone at $0.30. The FTM price action gives a bullish breakout of the galling channel pattern in the daily chart, with a recent reversal of 12.5%. However, the breakout rally may shortly face opposition at the overhead supply zone at $0.30, close to the 50-day EMA. Will this recovery rally break above the crucial resistance zone of $0.30? Key Points: The FTM price action showcases a falling channel breakout. The bullish reversal approaches the next bearish barrier at $0.30. The intraday trading volume in Fantom is $233 million. Source – TradingView FTM Technical Analysis The FTM price shows a downtrend in a falling channel pattern after the $0.30 fallout accounting for a drop of 20% within a fortnight. However, the recent reversal from the support trendline fruiting the bullish divergence in RSI results in the bullish breakout. The recent 12.5% recovery over the past four days approaches the $0.30 supply zone close to the 50-day EMA. Moreover, the spike in trading volume supports the breakout rally, but the higher price rejection in the daily chart warns of a trend reversal at $0.30. However, the sideline buyers can expect a breakout entry opportunity if the FTM prices exceed the $0.30 supply zone, with a potential to reach $0.35. Conversely, reversing the $0.30 supply zone will drop the Fantom market price to...
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