Long
FTM Long
FTM is currently testing resistance at $0.71 as it enters a price discovery phase. The chart forms an early-stage symmetrical triangle pattern accompanied by positive momentum indicators. This pattern suggests a period of consolidation, where the price is likely to move sideways within a narrowing range. The 200-day moving average is acting as a key level for a potential breakout, while the MACD suggests an imminent surge. Given these factors, the outlook for FTM appears bullish, favoring long positions.
Support - 0.62
Resistance - 0.76
RSI - Neutral
Fear & Greed Index (Binacne) - 48 Neutral
Fundamental Analysis:
Fantom's approaching transition to the Sonic platform creates positive investor sentiment and contributes to its recent price appreciation. This EVM-compatible upgrade promises enhanced transaction speeds exceeding 10,000 TPS and includes a substantial airdrop of S tokens for existing FTM holders. Given these developments and the improving market landscape, analysts project that FTM may outperform significant cryptocurrencies like Bitcoin and Ethereum in the coming quarters, potentially positioning it as a notable player in the evolving blockchain ecosystem.
Support - 0.62
Resistance - 0.76
RSI - Neutral
Fear & Greed Index (Binacne) - 48 Neutral
Fundamental Analysis:
Fantom's approaching transition to the Sonic platform creates positive investor sentiment and contributes to its recent price appreciation. This EVM-compatible upgrade promises enhanced transaction speeds exceeding 10,000 TPS and includes a substantial airdrop of S tokens for existing FTM holders. Given these developments and the improving market landscape, analysts project that FTM may outperform significant cryptocurrencies like Bitcoin and Ethereum in the coming quarters, potentially positioning it as a notable player in the evolving blockchain ecosystem.
Note
FTM has broken out of the anticipated symmetrical triangle pattern earlier than expected, signaling a bullish upward trend. On Tuesday, October 15, 2024, a significant surge in buying volume occurred, providing strong momentum to the breakout.Note
FTM is bearish and retesting support. On October 15-20, a double top formed, signaling a bearish trend. FTM recently topped out on the RSI, showing it was overbought at a lower high. With low buying and selling volume, FTM will most likely consolidate in the coming weeks until we see FTM take a trend up or down. Trade active
FTM faced a retrace, sinking below resistance after its bull run. A retrace like this is expected from positive movements. The 20 and 200 MA is still in play from its Golden Cross from mid-September. The RSI indicator is dipping, but a hopeful bounce to the upside should occur in the coming weeks. A bounce from this retrace should position FTM to break new resistance levels. Overall, FTM shows positive momentum.Trade closed: target reached
It appears that FTM is repeating its pattern from November 4th to November 11th. I anticipate that FTM will test its support levels before continuing its upward momentum. I'm looking forward to FTM's rebranding to Sonic, which is set to take place next month, and I hope this brings a positive impact. Bullish!Support Level: $0.97
Resistance - $1.22
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.