Brief Analysis——FTMAt the end of last week, we can see that the L1 and L2 block-chains took over the market’s eyes and saw further rises with the support of the inscription on the chain or the expectation of the Dencun upgrade. After the weekend, BTC once again failed in its attack on 44,000, and the market began to correct.
Today we take a look at the performance of FTM, the token of Fantom in this round of the bullish market and its current situation. Fantom is a block-chain focusing on the Defi field. Although it has not performed well in this bullish market, it is ahead of most other chains. In mid-2023, Multichain, the stablecoin issuer on FTM, had funding problems, which once dragged FTM down and fell sharply. Fortunately, Stargate's access even solves this potential risk. Perhaps without this unexpected incident, the rise of FTM would have further expanded.
Before analysis, let us first introduce the TSB (Trend Sentinel Barrier) indicator. This indicator is a trend indicator that uses a specific AI algorithm to calculate the accumulated long and short transaction volume, identify trend directions and opportunities, and calculate the short-term average cost based on the long and short hand changes in the multi-cycle trend, thereby more effectively seizing the trend. This indicator will give clear BUY and SELL signals, and the wavy area will provide support or resistance to the price movement, so that traders will not become paper hands due to callbacks during the rise (such as now).
At the daily level, we can see that both the decline started in May and the rise started in mid-October. The TSB indicator is always valid on FTM. The red and blue wavy areas always play the role of resistance or support in determining the direction. At present, FTM is far away from the wavy area on the daily level and continues to maintain the bullish trend.
Switching to the 4h level, you can find that the TSB indicator is still applicable. After the TSB indicator prompted a BUY signal in early December, FTM rose. You can see that although the FTM has experienced several large corrections on the candle chart, the TSB indicator has not exceeded the wavy area. The rally resumed shortly thereafter. FTM pulled back again this Monday and is in the wavy area on the TSB indicator. In this case, within the 4h level, the FTM uptrend has not been broken.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
