There's a few things happening with Fantom right now:
1) We have broken bearish out of what was established as a bullish pennant pattern, not a great sign.
2) There has been some FUD spreading lately about some developers for FTM leaving the team. Not too sure how much this will affect price action in the long term but the company said that this departure doesn't affect their plans for the cryptocurrency. Something to keep in mind.
3) Right now Fantom has some pretty strong support underneath it marked by the green box. This green box marks a key support level because each time Fantom has entered that zone, it has had either a significant move to the downside or a significant move to the upside.
4) It just so happens the .786 level fib retracement on the daily lines up too perfectly with this green box.
5) Rsi is pretty low on the daily but can definitely go lower.
If this green box holds as support Fantom will have to break back into the bullish pennant again to return to its "bullish" medium-long term state, which in my opinion is likely to happen.
There is a decent possibility we make a V bottom in this green box and return back to being inside the pennant.
If Fantom cannot break back into the pennant, the likelihood we lose the green box as support becomes much higher.
Overall, I am more bullish than bearish on Fantom until it can prove me otherwise.
Remember, this is not financial advice and always do your own analysis/research before making any decisions on the market.
1) We have broken bearish out of what was established as a bullish pennant pattern, not a great sign.
2) There has been some FUD spreading lately about some developers for FTM leaving the team. Not too sure how much this will affect price action in the long term but the company said that this departure doesn't affect their plans for the cryptocurrency. Something to keep in mind.
3) Right now Fantom has some pretty strong support underneath it marked by the green box. This green box marks a key support level because each time Fantom has entered that zone, it has had either a significant move to the downside or a significant move to the upside.
4) It just so happens the .786 level fib retracement on the daily lines up too perfectly with this green box.
5) Rsi is pretty low on the daily but can definitely go lower.
If this green box holds as support Fantom will have to break back into the bullish pennant again to return to its "bullish" medium-long term state, which in my opinion is likely to happen.
There is a decent possibility we make a V bottom in this green box and return back to being inside the pennant.
If Fantom cannot break back into the pennant, the likelihood we lose the green box as support becomes much higher.
Overall, I am more bullish than bearish on Fantom until it can prove me otherwise.
Remember, this is not financial advice and always do your own analysis/research before making any decisions on the market.
