Fantom (FTM) had some amazing runs recently. Is there still some gas left in the tank for a leg up in the upcoming months? Read more to find out!
Let's shift our focus directly to the charts to have a better understanding of the current standing of FTM and its future outlook!
FTM/USDT on a 3D Chart
When it comes down to analyzing charts, the best way to do it is to move from higher time frames to the lower ones. It gives a broader picture of the token’s performance.
What you also see is that the volume spikes are mostly coming from buyers, which suggests that FTM has been accumulated heavily at certain levels. In July this year, the token came all the way back down to the demand zone that ranges between 14 to 18 cents.
It seems like the FTM token is ready to break above the resistance level. Although it is difficult to search for targets when a coin is in price discovery mode, you can use Fibonacci levels to look for more information.
FTM/USDT on a 1D Chart
Here you see a zoomed-in version of this year’s chart. The FTM token made a new all time high in May and retraced in the months after, back to the demand zone. Volume and interest were low there, but when it made its move to get closer to the previous ATH, volume kicked in massively. A massive buying volume pushed the token to another ATH.
Afterward, FTM dropped again, but retested the former high and bounced back, only to make a new high in early October. Notice how it happened again shortly after the previous ATH was successfully retested?
There is also no massive volume this time, which is a bit concerning for the bulls.
So, let’s zoom into the chart a bit more.
FTM/USDT on a 4H Chart
On the 4H chart, you can see that FTM took out the 4 October low (SFP), and went up rapidly. It made a new high on October 8. Soon after, a rising wedge was formed and the price retested the former ATH from September.
Yesterday, October 19, FTM again made a new ATH, but as mentioned before, the bulls have to be careful here. The price must find good support to keep moving forward.
However, if the bulls aren’t strong enough right now, there are two demand zones drawn that would provide support before the next leg up.
- Fantom (FTM) is a highly scalable and fast layer-1 solution that supports DeFi, DApps, and enterprise applications.
- The 3D chart shows a clear uptrend, ever since the drop in March 2020. The price is making higher highs and higher lows. It seems like it is on the verge of a breakout right now.
- The 1D chart looks OK for the bulls, but you don’t want to see an SFP here right now. That would probably delay the next leg up.
- The 4H chart looks good. The price is above an important supply zone and close to the previous ATH. If it can sustain above the supply zone, new highs should be on the table.