Fantom (FTM) Price Awaits a Confirmed Sustained Uptrend Says Top Crypto Analyst, COMP is Still in a Lifetime Downtrend Despite Recent Increase
The recent price movements of FTM have been under the microscope, with the token showing signs of a potential downtrend. Over the past week, FTM’s price has decreased by 4%, adding to the speculation of a possible bearish turn.
The current price pattern of FTM, as per one of the top crypto analyst on YouTube, suggests a corrective structure, hinting at another low before a potential uptrend. This method, which analyzes cyclical price patterns to predict future movements, has been instrumental in understanding the token’s trajectory.
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Show more +The short-term trend for FTM is upward, but the absence of a confirmed sustained uptrend raises questions about its future performance. For a reliable uptrend to be established, a five-wave move upwards, followed by a three-wave move downwards that forms a higher low and holds a 78.6% retracement of the move up, is necessary. Until such a pattern emerges, the path to a sustained uptrend remains unclear.
Moreover, the token’s rally into the February high was a three-wave structure, which ideally should have been a five-wave structure for a reliable long-term setup to the upside. This deviation from the ideal pattern adds to the uncertainty surrounding FTM’s future performance.
If FTM’s price breaks below the 10th of June low, the chart could potentially turn long-term bearish. This scenario underscores the importance of monitoring FTM’s price movements closely in the coming weeks.
In conclusion, while FTM’s short-term trend is upward, the lack of a confirmed sustained uptrend and the potential for a bearish turn make it a token to watch closely. As always, investors are advised to conduct their own research and consider their risk tolerance before making investment decisions in the volatile world of cryptocurrencies.
Riding the Waves of Compound (COMP): A Technical Analysis Amidst a Market Surge
The winds of change are always blowing in the crypto industry. One such gust has recently swept through the Compound (COMP) market, causing an impressive surge of 18% in the last 24 hours. This uptick is a testament to the volatile and dynamic nature of the crypto market, where fortunes can be made or lost in the blink of an eye.
The technical analysis of COMP’s chart reveals an intriguing pattern the same crypto analyst reports. After an ABC top into 2021 and a subsequent five-wave move to the downside, we find ourselves in what appears to be a wave 2. This wave could be unfolding in one of two possible ways, both of which suggest a bearish trend. However, if Bitcoin starts a third wave rally, COMP could potentially stretch all the way up to $432, a significant increase, albeit still within a lifetime downtrend.
Despite the potential for a substantial increase, it’s crucial to remember that the chart is still in a lifetime downtrend. To shift into a bullish structure, COMP would need to demonstrate a five-wave structure off the current structure. This is a tall order and one that requires careful monitoring.
In the short term, COMP faces resistance between $64.71 and $100. If the price can break through this resistance, it could potentially reach the $100 region and then the Fibonacci levels highlighted in the analysis. However, the short-term chart appears messy and choppy, making micro counting a challenging task.
As a guide, one can use a trend line or the 50% retracement level. If the 50% retracement level breaks at $39, the price is likely to collapse. This is a critical point to watch for those invested in or considering investing in COMP.
In conclusion, while the recent surge in COMP’s price is undoubtedly exciting, it’s essential to approach it with caution. The crypto market is a volatile one, and while the winds of fortune may be blowing in COMP’s favor today, they could easily change direction tomorrow. As always, careful analysis and prudent decision-making are the keys to navigating these turbulent waters.
