$FTM

It completed an inverted head and shoulders pattern on September 17 when it broke above $0.55. Typically, after the price breaks above a crucial level, it tends to retest the level.

The bulls are trying to trap the correction at the 20-day EMA ($0.62). If the price rises and breaks above $0.70, it will signal the resumption of the up-move. The FTM/USDT pair could rally to the pattern target of $0.83 and eventually to $0.93.

This bullish view will be invalidated in the near term if the price turns down and breaks below the breakout level of $0.55. If that happens, it will suggest that the markets have rejected the breakout.

The bulls are trying to form a local bottom at $0.58. If they push the price above the 50 SMA, it will indicate solid demand at lower levels. The pair may start its journey to $0.76 and then head to $0.83.

Instead, if the price turns down from the 50 SMA, it will signal that the bears are trying to gain control. The pair may drop to $0.60 and then to $0.55. A break and close below this level will tilt the advantage in favor of the bears.