FTM market analysis today:
1. K-line pattern:
On the 12-hour chart, the current price of FTM is 0.6931 USDT, and the recent trend shows a fluctuating upward trend. The short-term support level is 0.68 USDT, while the main resistance level above is 0.70 USDT. The price has tested the upper resistance many times, but has not yet successfully broken through, indicating that there is strong selling pressure in this area.
If the price can effectively break through 0.70 USDT, it is expected to further test 0.72 USDT or even higher levels; if it fails to break through, the price may pull back to the support area of 0.68 USDT.
2. Technical indicators:
MACD: The MACD fast line is above the zero axis and gradually rises, and the fast and slow lines show a divergent state, which indicates that the current bullish momentum is strong. If the fast and slow lines continue to diverge, it may push the price up further; if the fast and slow lines gradually narrow, you need to be alert to possible pullbacks.
RSI: The current RSI value is 62, indicating that the market sentiment is bullish, but it has not yet entered the overbought area (above 70). There is still room for growth in the short term, but be wary of the risk of a pullback when RSI approaches 70.
EMA: The short-term EMA30 (0.69 USDT) is higher than the EMA120 (0.68 USDT), indicating that the current trend is still positive. If the price can stand above EMA30 and further break through EMA7 (0.695 USDT), the upward trend will be further confirmed.
3. Trading volume:
Trading volume has increased during the recent rise, indicating that the market buying power is gradually increasing. If the trading volume increases simultaneously when the price breaks through 0.70 USDT in the future, it may push the price up to 0.72 USDT or even higher.
Operation suggestions:
Long strategy: When the price pulls back to around 0.68 USDT, you can consider entering the market to go long, with the target take profit set at 0.70 USDT and the stop loss set below 0.67 USDT.
Short selling strategy: If the price fails to break through 0.70 USDT effectively, you can short sell in this area, with the target profit target set at the 0.68 USDT support level and the stop loss set above 0.71 USDT.
The above views are for reference only and are not intended as investment advice.
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