FTM has seen a lot of growth the past few months, however it is due for a correction.
Looking at the chart we can see price always retraced back to the .786 fib support after each impulsive wave, should we get that same retracement, FTM will be on a discount price at just below $1
Coupled with the bearish Divergence it seems just about right to me. Did the analysis on a 1D Timeframe originally but uploading the 1W chart to avoid cluster and improve visibility. Hope this helps.
Trade closed: target reached
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Well hopefully We all considered the possibility that this would happen and now it has. If you waited for the dip, you have yourself a steal of a bag at the moment. If you shorted, well then congratulations. Should have nice profits by now. PS: Target met on KUCOIN Exchange to perfection.
Trade closed: target reached
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Trade closed: target reached
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If you want to try your luck on price making a retest of the support area, you can watch for this axcending trendline as well for a wick.
i think the target of $1 is far too low for the bullish momentum & sentiment towards this coin right now. Fundamentally speaking its still 1 of the more undervalued coins, even with the runup its had. It'd have to take btc dumping hard for this to happen in the near-medium term imho Although i do see FTM dropping back down to 2.50 soon & possibly below that to the $2 area. But for a $1 FTM it'd take this bull run ending for it to drop that far i think. As with crypto tho, anythings always possible :P thanks for your chart
RektMyMom
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@Crypto-Fury, Yeah i doubt it too coz of the hype around the coin and its on like everyones watchlist, definitely on mine and shopping list too but like you said you never know with crypto.
RektMyMom
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@Crypto-Fury, I didnt think it would happen tbh, but i guess theres a lesson in there. Gotta pay attention to charts more than hype
Although i do see FTM dropping back down to 2.50 soon & possibly below that to the $2 area. But for a $1 FTM it'd take this bull run ending for it to drop that far i think.
As with crypto tho, anythings always possible :P
thanks for your chart