Fantom — Another Leg Down? Chart And Indicators Say Yes!

FTM dipped ~35% during the last few days. Even worse, current technical indicators and charts indicate more downside potential.

Here's why:
1️⃣ Bearish MACD Crossover
FTM flashed a bearish MACD crossover on the 4H chart. Based on backtests, the signal is solidly reliable when it comes to 2%—5% profit targets (downside potential in our case).

2️⃣ Bear Flag
Moreover, the 4H chart indicates that Fantom trades in a playbook bear flag pattern.

How To Enter 👇
Wait for a break of the lower bear flag boundary and confirmation. As a first profit target, it makes sense to go for the lowest point of the recent dip. However, it is likely that FTM will encounter even more downside potential in the case of a breakout to the bottom.