FTM has been displaying a bullish trend on the daily chart, forming an ascending broadening wedge pattern. A recent breakout from this pattern, coupled with a break above the 0.786 Fibonacci retracement level, suggests strong upward momentum.
Technical Analysis:
* Ascending Broadening Wedge: This chart pattern indicates a potential bullish breakout.
* Fibonacci Retracement: The break above the 0.786 Fibonacci level confirms strong buying pressure.
* Price Target: The projected target for this pattern is around $1.40, which represents a potential 60% upside from the current price.
Trading Strategy:
While the overall trend is bullish, it's important to exercise caution and implement risk management strategies:
* Entry: Consider entering a long position after a potential dip to retest the upper trendline of the broken wedge pattern.
* Stop-Loss: Place a stop-loss order below the recent swing low to limit potential losses.
* Take-Profit: Set take-profit targets at the projected price levels, taking into account potential profit-taking and market volatility.
Risk Management:
* Position Sizing: Manage your position size to avoid excessive risk.
* Diversification: Spread your investments across multiple assets.
* Stay Informed: Keep up-to-date with the latest news and developments in the cryptocurrency market.
Disclaimer: This is not financial advice. Please do your own research before making any investment decisions. Cryptocurrencies are highly volatile, and past performance is not indicative of future results.
