Source: FTM/USDT on TradingViewFTM hit a peak of $0.4995 on its rising channel, ushering in a short-term price correction, which was checked by the $0.4580 support. The support has been retested several times, preventing any extended downtrend.
Besides, FTM’s price action curved out a parallel channel whose bullish break-out target would be $0.5219. Therefore, FTM could reclaim its 50 dollar cents value in the next few hours. The RSI was at 65, giving credence to a bullish bias rather than a downtrend in the short term. But investors should track BTC’s price action because of the fluctuation in trading volumes , which suggests a likely extended price consolidation.Short-term FTM holders’ were enjoying 50% profits at press time, as evidenced by the 30-D MVRV ratio. But the above profits have tanked by 5% after FTM faced price rejection at the $0.4950 level.
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