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Fantom (FTM) Trade Insight Update – 5/12/2022
Fantom (FTM) Trade Insight Update – 5/12/2022 This post is an update to a previously published trade insight on 4/29/2022: https://marketrebellion.com/fantom-ftm-short-trade-insight-4-29-2022/ In our previous trade insight, we talked about Fantom’s potential to underperform in a weak market and fundamental weakness as justification for a trade with a lofty price target. The target for that trade […]
Fantom (FTM) Trade Insight Update – 5/12/2022
This post is an update to a previously published trade insight on 4/29/2022: https://marketrebellion.com/fantom-ftm-short-trade-insight-4-29-2022/
In our previous trade insight, we talked about Fantom’s potential to underperform in a weak market and fundamental weakness as justification for a trade with a lofty price target. The target for that trade has been hit, and now that we are seeing strong volume come in at these new lows, I am exiting my short positions entirely, which included $FTM.
Note the tremendous uptick in volume on this most recent daily candle, which is also forming a bit of a Doji candle, as shorts cover and buyers step in. This, along with Bitcoin slightly trading up today, has convinced me to exit my shorts and move entirely into USDC.