Fantom (FTM): Corrections are in order after a 1,000+% Gain from July lows
*FTM (Weekly Timeframe) unable to rally past exact 161.80% Fibonacci resistance level
After rallying 1,000+% from the lows of 0.1530 last July, to the all-time highs of 1.94 just a few days ago, Fantom (FTM) has since paused to take a breather. At the time of writing, the coin had corrected about -30% from the all-time high, which was a healthy correction after an unbelievably strong run in a very short amount of time.
Fantom (FTM), a relatively unknown coin, showed tremendous strength and resilience during the mini crypto crash a few days ago. Contrary to most cryptos that faltered, FTM ended in the green, and two days later, it even reached new all-time highs. The buying demand for FTM has been tremendous as of late, which was evident from the previous price rally. FTM is currently the 49th-largest cryptocurrency, with a market cap of $3.4 Billion.
*FTM (Daily Timeframe) pulling back towards 38.20% Fib. retracement level
Technically, FTM is still in an uptrend, and this correction looks like a small pullback in the greater scheme of things. Its MACD looks like it will cross down in the near future, indeed suggesting a pause in the rally and more probable consolidation and base-forming moving ahead. This would be a good place to be taking profits if you were able to get into FTM early. Sell part of your positions – only 30-50% of your total holdings. The overall sentiment for FTM is definitely still bullish as of today, as the overall trend is still intact.
Here are the key levels to take into consideration when trading Fantom (FTM):
| Support Levels | Price | Description | % from ATH |
| 1 | 1.40-1.50 | 23.60% Fib. and 10-Day MA | -28% |
| 2 | 1.25-1.30 | 38.20% Fib. | -36% |
| 3 | 1.10-1.15 | est. 20-day MA | -43% |
| 4 | 1.00 | Major Psychological Support Level | -48% |
Take note that a deep correction below the 1.00, whole number, major psychological support level breaks the long-term uptrend, so be wary of this level.
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