This article reviews FTM outlook for short and medium term. Fantom is an ecosystem we have been heavily involved in this past year and a half.
FTM Weekly Chart
True to form I like to look at our weekly or daily chart first to get the overall picture. FTM has been ranging between the first two Fibonacci levels for over a year. There was a dead cat bounce on BTC and the market early this year. Volume remains very low historically but a consolidation this long tend to lead to a large measured macro move. FTM climbs to the first Fib level and is contracting with price action for a market decision. Contraction usually means buyers and sellers are conflicted, and the price action narrowing means that expansion is to come.
Zooming into the 4-hour chart things become a little more apparent. Volume actually has been rising on the smaller term picture. You will notice a clear trend forming up to that Fibonacci level we discussed. These psychological levels can serve as support or resistance. A fallback zone is marked with the red dashed line if BTC or the market becomes bearish. The dashed green line is that historical level you can see on the weekly chart. When two candle bodies end on the same point on the weekly chart then there is a reversal, these areas serve as support or resistance in the futures.
This means the market was unsure of the intended direction, and you can see that the token then dumped precipitously. There are also later candle bodies and wicks interacting with this zone. This is our first price target, 43 cents. You can visualize the contracting RSI as well. Contraction eventually leads to expansion in both volume/RSI/Volatility.
If you want to learn more about Fantom check it out [here]. Essentially Fantom can assist Ethereum through it’s immediately compatibility and scalability. The blockchain can also function on its own through its virtual machine and recent Sonic upgrades. If my 40k BTC in December thesis plays out, I believe we see this first price target, assuming Bitcoin dominance does not rise way too much (alts usually go down in this case). A more bullish picture would be 53 cents.
Fantom is a powerful blockchain with many Defi options, growing NFT markets and a strong community that has not faltered even during this lengthy bear market. For their website I will add the link [here]. I have been an FTM bull for a long-time, and after using many blockchains, it does have one of the best and seamless experiences. My only hope is they make it easier for users to integrate a wallet into Metamask and or make wallets that are simpler for newer users. Stay safe out there!