Share:
  • Fantom price recently experienced massive selling due to the FUD following the exit of two figureheads. 
  • Clarification has reduced the FUD effect, but FTM remains off of its highs. 
  • A major retest of the $2 value area is likely in the coming weeks. 
Fantom price is showing signs of recovery after some massive selling pressure over the past two weeks. Andre Cronje and Anton Nell's departure triggered an article (now retracted and deleted), citing some shady dealings with the former Fantom team members. 

Fantom price crash a boon to long term investors

Fantom price may soon get a boost as the FUD disappears. On March 11, the Fantom Foundation addressed the departure of Cronje and Nell, along with false claims made by ‘Rekt.’ However, the announcement has not resulted in any immediate buying pressure. On the contrary, since the March 11 announcement Fantom made new 2022 lows near the $1 value area. 
 
Fantom price is overwhelmingly attractive for a long entry. The current weekly chart shows incredible bullish reversal signals. First is the immediate buying pressure off the top of the Ichimoku Cloud, followed by the developing weekly candlestick with bullish overtones. The gaps between the bodies of the weekly candlesticks and the Tenkan-Sen are massive, suggesting the market is out of equilibrium and may experience a violent mean reversion higher. 
 
The oscillators on the weekly Ichimoku chart point to a big rally. The Composite Index has hit new all-time lows, while the Optex Bands are now the lowest since December 2020. On the other hand, the Relative Strenght Index remains in bull market conditions and appears to have bounced off the last oversold level at 40. 
FTM/USDT Weekly Ichimoku Kinko Hyo Chart
 
A return to the $2 value area is extremely likely but could expand higher to test the Tenkan-Sen and Kijun-Sen at $2.33. Downside risks are likely limited to the bottom of the Ichimoku Cloud (Senkou Span B) at $1.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Can TRX trigger 30% breakout rally after multiple rejections?

Can TRX trigger 30% breakout rally after multiple rejections?

TRON (TRX) price is attempting to overcome a resistance level for the third time this year. Another failure could prove costly for TRX holders, but a breakout could trigger a massive uptrend. 

More TRON News

This short-term Bitcoin holder indicator forecasts another rally for BTC

This short-term Bitcoin holder indicator forecasts another rally for BTC

Bitcoin price currently trades at $26,242 with dampened volatility. But things could change quickly, as indicated by these on-chain metrics that track the behavior of BTC holders.

More Bitcoin News

Litecoin price is failing recovery as Whales pull back to December 2020 lows

Litecoin price is failing recovery as Whales pull back to December 2020 lows

Litecoin price has been unable to flip the 50-day EMA into a support floor since August began. The LTC whales, which command nearly 12% of the entire circulating supply, currently have been subdued.

More Litecoin News

Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs

Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs

United States House Financial Services Committee members sent out a letter to Gary Gensler addressing the spot Bitcoin ETFs. The letter called the SEC’s standards of denial of spot ETFs “inconsistent and discriminatory”.

More Cryptocurrencies News

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.

Read full analysis

BTC

ETH

XRP