Popular altcoin Fantom (FTM) is giving buy signals after 45% correction. The Phantom (FTM) downtrend could be reaching the level that potentially leads to an uptrend. cryptocoin.com As we have previously reported in this article, over 25 cryptocurrencies and Bitcoin signals of the indicator in question have been correct in recent years.
Buy signal for this altcoin
Phantom (FTM) has dropped more than 45% in the past two weeks. Prices have reached a critical support level as techs turn bullish. There are those who think that purchase orders should be taken to confirm the bullish thesis. Phantom (FTM) appears to be trading in the oversold territory as buy signals are starting to appear. However, FTM needs to stay above a key support level to confirm the upbeat outlook.
Looks like the phantom is ready for the rebound. The phantom hints at a potential rebound after a significant downtrend. The Tier 1 network’s FTM token has lost more than 45% in market cap over the past two weeks. It was trading at a high of $2.08 on March 2, and dropped to $1.14 on March 11. Despite the significant losses incurred, one technical indicator suggests that the Phantom may be about to reverse.
At a vital support level
The Tom DeMark (TD) Lined indicator currently offers buy signals on FTM’s daily and three-day chart. Bullish formations have developed in the form of red nine candlesticks, which are indicative of a one to four candlestick rise or the start of a new upward countdown. The bullish momentum needs to pick up around current price levels very soon for the upbeat outlook to be confirmed.
Phantom is currently trading at a vital support level that has been tested twice since early December 2021. As long as FTM continues to hold the last drop at $1.14, there will be chances of recovery. A spike in buy orders at the current price level could give FTM a push towards $1.44 or even $1.73. Failure to hold above the $1.14 support level could spell trouble for Fantom. Breaking such a critical support area can cause panic among investors and encourage them to sell their holdings to avoid further losses. Under such unique circumstances, FTM could see its price drop by around 30% from $0.80 on the three-day chart towards the 200-day moving average.
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