Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- The market structure flipped bullish, but a pullback was likely.
- Bitcoin could dictate the direction of altcoins, and caution remained important.
Fantom [FTM] has a bullish bias on the higher timeframes after it recovered over the past ten days. The buyers pushed the prices strongly above the $0.42 mark. The sentiment across the crypto market was positive. Bitcoin [BTC] rapidly approached the make-or-break resistance at $28k.
Read Fantom’s [FTM] Price Prediction 2023-24
A move above $30k could see further enormous gains across the market. It was also possible that this was a short but intensely euphoric Bitcoin rally amidst the depths of a bear market. Whichever it may be, the technicals showed that FTM could see a pullback before another leg upward.
The $0.51 level was on the bulls’ agenda, but it held firm so far
Since February, FTM has traded within a range that extended from $0.42 to $0.6. The mid-range mark was $0.51. In early March, the price fell decisively below the range lows. But over the past two weeks, the sentiment appeared to have shifted across the market.
The price climbed back into the range. In doing so, the market structure was flipped to bullish, and the break of the recent lower high was highlighted in blue. The bulls spent the past four days battling the bears near the psychological $0.5 area. They could not force a daily trading session close above $0.51.
On the lower timeframes, the asset has lost some of the bullish impetus it had just a few days ago. Therefore, in the event of rejection at $0.5, buyers can wait for a move into the bearish br
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Author: Akashnath S
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