Another coin I was hesitant to share and it is also not something I own or am currently trading (I have enough alt exposure).
Fantom suffered a major hit when Andre Cronje et al announced their departure from DeFi and the FTM ecosystem. These are valid reasons for a drop and to be cautious.
That said, FTM has bounced beautifully off of the lows and is working on a potential breakout through a key resistance, the descending blue line. This is AT RESISTANCE AND IS NOT A TRADE at the moment. You are looking for a break of the blue line on increased volume (which we have right now) and a close above. Then you can either wait for a retest as support (which may not happen), buy the breakout (riskier). $1.4885 is the key horiztonal level here, so you can also buy a retest of that area as support.
Fantom suffered a major hit when Andre Cronje et al announced their departure from DeFi and the FTM ecosystem. These are valid reasons for a drop and to be cautious.
That said, FTM has bounced beautifully off of the lows and is working on a potential breakout through a key resistance, the descending blue line. This is AT RESISTANCE AND IS NOT A TRADE at the moment. You are looking for a break of the blue line on increased volume (which we have right now) and a close above. Then you can either wait for a retest as support (which may not happen), buy the breakout (riskier). $1.4885 is the key horiztonal level here, so you can also buy a retest of that area as support.
scott.melker@texaswestcapital.com
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.