TradeCityPro | FTM : Preparing for a Potential Rally
2024-11-23

👋 Welcome to TradeCity Pro! 
In this analysis, I will be reviewing the FTM chart. This project is a Layer 1 blockchain, which has recently gained significant attention and buying volume due to its new airdrop initiative.

 📅 Weekly Timeframe: Preparing for Another Rally 
In this timeframe, after several months of base formation around $0.1793, the price has now broken through $0.5535, with the next resistance at $1.0785. If the price successfully stabilizes above this resistance, the probability of reaching the ATH at $3.292 increases significantly.

📈 If the RSI oscillator breaks through 62.1, bullish momentum will enter the market, increasing the chances of breaking the resistance and pushing toward the ATH. However, the most crucial factor right now is volume. So far, the main buying volumes haven’t entered the market. Until this happens, the likelihood of breaking the resistance remains low.



 📅 Daily Timeframe: Close to Breaking Resistance 
On the daily timeframe, after breaking $0.5384, the price has pulled back toward this level and the SMA 99. It has now reached $0.8401, with a significant support level at $0.613.

🔼 The first long trigger in this timeframe is $0.8401, with a target of $1.1448 if this level is broken. However, as mentioned in the weekly analysis, volume remains low, and until larger volumes enter the market, the moves in the market cannot be deemed reliable.

🔍 If the price is rejected at $0.8401, it may pull back again toward the SMA 99 or even revisit $0.5384.

🔽 Currently, there isn’t a suitable short trigger in this timeframe. Personally, I will wait for lower highs and lower lows before considering short positions.

 👑 FTM/BTC Analysis 
On the daily timeframe for the FTM/BTC pair, there’s a long-term range between 0.00000676 and 0.00001129, with price once moving to the high at 0.00001794 and another time to the low at 0.00000541. Currently, the price is battling resistance at 0.00000817, which is within this range.

🚀 Breaking this resistance, coinciding with $0.8401 on the USD pair, would be a solid confirmation for entering spot buys or futures positions. The next resistances are at 0.00000991 and 0.00001129.



 📝 Final Thoughts

This analysis reflects our opinions and is not financial advice. 

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