Jonathan Morgan
Independent Analyst
- 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.
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