💡📈 "FTM Coin Analysis: Trends & Opportunities" 🚀🔍
🔍 Let's conduct an in-depth analysis of the esteemed cryptocurrency, FTM, and identify our potential setups in the lower timeframes.
📊 In the weekly timeframe, contrary to the majority of coins, FTM has broken free from its prolonged weekly range after approximately 600 days, advancing towards the significant resistance level of 1.0950. This bullish movement was corroborated by an increase in volume, affirming the trend.
🔻 Upon encountering this resistance and with sellers re-entering the market, red candles reappeared, driving the price down to 0.6326. Nevertheless, this decline was marked by a reduction in volume, which underscores the robustness of our upward trend, suggesting that this may merely be a pullback to the weekly range.
🧐 I delved deeper into the nature of such movements to ascertain the underlying causes. It appears that traders who liquidated their holdings at the resistance and now observe FTM's commendable upward trajectory are motivated to reacquire their positions at the same price levels, thus transforming the previously breached resistance into a pivotal support through their buy orders.
📉 Now, let's shift our focus to a lower timeframe for futures trading analysis. For short positions, our support is well-defined, and upon breaking the critical support at 0.6326, we can initiate a short position aligned with our 4-hour trend. However, it is imperative to confirm the increase in volume at the time of the break.
⚠️ Given the significance of the 0.6326 support, if we notice volume rising as we approach this level and the RSI nearing oversold territory at the 30 line, you can also set a stop-sell order to capitalize on any sharp movements.
🔄 For a long position, we currently lack a clear trigger, but considering the weekly movement, we can hypothesize that this support may serve as a reversal point. Nonetheless, we will refrain from acting until we receive confirmation. For a riskier long position, we will await the 0.7300 level, and for a more secure long position, we will wait for a break above 0.7838.
🪙 In today's market, your trades should be closely aligned with Bitcoin's movements, given that BTC.D (Bitcoin Dominance) commands a significant portion of the market. Essentially, Bitcoin dictates the supports and resistances on the charts of other cryptocurrencies.
❌ Consequently, it is advisable that if altcoin support and resistance levels are breached but Bitcoin does not provide confirmation, you should enter positions with reduced risk. For instance, if FTM loses the 0.6323 support but Bitcoin maintains support at 60706, FTM is likely to hit its stop loss. However, if Bitcoin loses its support, FTM is poised for a more substantial decline, potentially yielding significant profits.
⏳ At present, we do not have an entry point for repurchasing this coin. Exercise patience and explore other projects during this period. Additionally, you might consider examining the DeFi space within the Fantom chain.
📊 Our upcoming support levels are 0.5472, 0.4903, 0.4380, with the resistances at 0.7300, 0.7838, and 0.9096.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
📊 In the weekly timeframe, contrary to the majority of coins, FTM has broken free from its prolonged weekly range after approximately 600 days, advancing towards the significant resistance level of 1.0950. This bullish movement was corroborated by an increase in volume, affirming the trend.
🔻 Upon encountering this resistance and with sellers re-entering the market, red candles reappeared, driving the price down to 0.6326. Nevertheless, this decline was marked by a reduction in volume, which underscores the robustness of our upward trend, suggesting that this may merely be a pullback to the weekly range.
🧐 I delved deeper into the nature of such movements to ascertain the underlying causes. It appears that traders who liquidated their holdings at the resistance and now observe FTM's commendable upward trajectory are motivated to reacquire their positions at the same price levels, thus transforming the previously breached resistance into a pivotal support through their buy orders.
📉 Now, let's shift our focus to a lower timeframe for futures trading analysis. For short positions, our support is well-defined, and upon breaking the critical support at 0.6326, we can initiate a short position aligned with our 4-hour trend. However, it is imperative to confirm the increase in volume at the time of the break.
⚠️ Given the significance of the 0.6326 support, if we notice volume rising as we approach this level and the RSI nearing oversold territory at the 30 line, you can also set a stop-sell order to capitalize on any sharp movements.
🔄 For a long position, we currently lack a clear trigger, but considering the weekly movement, we can hypothesize that this support may serve as a reversal point. Nonetheless, we will refrain from acting until we receive confirmation. For a riskier long position, we will await the 0.7300 level, and for a more secure long position, we will wait for a break above 0.7838.
🪙 In today's market, your trades should be closely aligned with Bitcoin's movements, given that BTC.D (Bitcoin Dominance) commands a significant portion of the market. Essentially, Bitcoin dictates the supports and resistances on the charts of other cryptocurrencies.
❌ Consequently, it is advisable that if altcoin support and resistance levels are breached but Bitcoin does not provide confirmation, you should enter positions with reduced risk. For instance, if FTM loses the 0.6323 support but Bitcoin maintains support at 60706, FTM is likely to hit its stop loss. However, if Bitcoin loses its support, FTM is poised for a more substantial decline, potentially yielding significant profits.
⏳ At present, we do not have an entry point for repurchasing this coin. Exercise patience and explore other projects during this period. Additionally, you might consider examining the DeFi space within the Fantom chain.
📊 Our upcoming support levels are 0.5472, 0.4903, 0.4380, with the resistances at 0.7300, 0.7838, and 0.9096.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.