Topic: Fantom On-chain and Off-chain technical analysis. FTM price Prediciton (Read 83 times)

Onchain

Charts URL:
https://www.followaltcoins.com/studio/charts/fantom?chartRange=9&chartType=above&chartCategory=last_price&chartZoom=custom

As the first, let's consider the number of wallets with tokens worth more than 10k USD. Their number was still falling until the end of last year, but from January 1, the trend is increasing. Since the portfolio chart has crossed the price line, the trend has changed. In the last 3 weeks, the number of such addresses increased by 118.

When we look at whale wallets larger than 1kk USD, the situation is a bit different - we saw equally dynamic increases at the turn of the year, but they have been selling out their tokens for several days. From January 13, when the number of addresses was 223, it dropped to 213. It may seem a small amount, but when we look at the value of the tokens kept in the 1.5 - 2.5 kk range, tokens worth $ 13 million were liquidated within 2 days. This may be the reason why FTM's upward movement is slowing down.


Offchain
So we can see we're trending back down towards oversold. I do think we could come a little bit lower but that is usually where we see a nice little bounce for FTM on the one hour. The RSI and the Money Flow Index great indicators for timing, when to take profits and when to enter into your trade. So we pop over to the four hour timeframe. We're holding the 20 Ema if we do come down we have the 55. You can see as well we have bearish divergences, so we created a higher high. This is pretty equal maybe a slightly lower but not much. But the money flow, we definitely created a lower high, which is a bearish divergence. So do watch 284 as a good area to bounce we do come lower Of course we have our buy zone set up.
https://preview.redd.it/r51bkd61zac81.png?width=1512&format=png&auto=webp&s=8a8aa66d001bac50ce8c3bd665f63aaf71abff53

And that's the fact that we've created a higher high and a lower high on the daily timeframe, as well as the money is flowing out while price is pushing up. If we lose the 1.618 as support which is coming in at about $3 Then I would expect this to come back down to the EMAS once again now there is a much larger double top that we do have to watch rather closely here we created a top we created a second top but for this to play out, I do think Bitcoin would have to drop all the way back down to 28k to bring Fantom down to break this neckline.
https://preview.redd.it/ncm5lnx1zac81.png?width=1519&format=png&auto=webp&s=8f9f2a0d161cb56b6361eb69531d6bc731c6e76b

We're just going through that Wycoff accumulation, and it looks like BTC is coming back down to test this level of support once again at 40k. We are quite low on the indicators though. So of course we can also just trade sideways and continue to consolidate but as as this has been happening for Bitcoin, we've been making some juicy juicy trades for FTM. So just some things to be aware of a possible double top pattern and a bearish divergence on the money flow as well as on the RSI and watch the EMAS on the daily they could definitely act as support and we could see a bounce just as we did here right off the 55 once again but if we can hold $3 We hold the 1.618.
https://preview.redd.it/edjzw3x2zac81.png?width=1456&format=png&auto=webp&s=31dc445676ace31972bb4cf4b34bc4544c00927e