As the bear market takes over the world, most of the top-tier cryptos are diving red with more than 50 to 80% away from their all-time high levels. Today, however, we will look at an altcoin rising against all odds displaying a potential buying opportunity.
Well evening crypto traders,
This is Megha Chhikara, back with a brand new coin for you!
Today, we’ll be reading about Harvest Finance, as it shows a bullish recovery within a bearish pattern and try to figure out if it is safe to go against the broader market trend in this coin. Watch the entire video till the end to learn more about the upcoming trend in FARM, and don’t forget to hit the subscribe button!
Currently, FARM’s market value is $37.13 at 9:30 GMT, displaying an ongoing buying spree as it has increased by 23.05% in the past 24 hours!
Let’s see what the graphs have to say about FARM today!
The graph today highlights the various support levels & resistance levels the token has to survive today. Let’s see the price actions and try to understand how well the token stands on our expectations.
FARM prices fell below the descending triangle formed following the rejection around the $60. The selling spree of this weekend broke below the support of $40, which led to a rally to $27. The increase in buying pressure creates the morning star pattern to try to retest the broken triangle pattern.
Buyers, however, take over the trend at $27 to jump more than 20% overnight but the daily candle forms a long wick and fails to close above the $40 mark. However, the growth in trading volume supporting the bullish rebound keeps suggesting an uptrend extension.
Coming to the technical indicators, the daily-RSI slope exhibits a V-shaped reversal away from the oversold boundary to surpass the 14-day SMA, indicating an increase in buying pressure.
In addition, the MACD indicator displays the fast and slow lines undermine the recent bearish crossover as the lines reclaim bullish alignment with another crossover.
In a nutshell, the FARM technical analysis suggests an upward trend that will continue to grow over that $50 level.
FARM prices may exceed the trendline for resistance and the $50 mark, reaching the pivot point of $56 if the buying pressure continues to grow today. To avoid a trap, the traders must wait for the candle to close above the $40 mark before entering long.
Conversely, the bullish failure can lead to a downslide under $30 and challenge the $27 mark.
This was the technical analysis for FARM. We hope this was helpful, and you got what you were looking for!! If you enjoyed the session, please subscribe to Cryptoknowmics!!