Fantom (FTM) — Struggling To Get Back Into Consolidation Channel

Similar to many altcoins, Fantom trades in a STRONG long-term downtrend. Based on its peak in March, FTM is down more than 70%. The massive dump on Monday pushed Fantom to the level of 26 cents — only 9 cents above its bear market low.
Even worse, Fantom is currently struggling to pump above the level of 0.34, which marks the bottom of a consolidation channel. Entering this channel would be the first move to initiate some bullish momentum.

However, even if this happens, the real challenges lie still ahead:
1 - Breaking out of the long-term downtrend
2 - Breaking above the 0.425 level, which marks a major resistance.

Trade Setups:
1—Trading the channel: Wait for a move above 0.34 and confirmation. Profit target 0.425 or long-term downtrend (depends on which is lower). Stop loss, tight below 0.34.
2—Trading the breakout: This won't happen in the next few days (most likely). However, if Fantom manages to break out of the long-term downtrend and moves above 0.425, a long entry seems to be a safe bet.

Nevertheless, given Fantom's weak performance, a long entry must be closely monitored, and a tight stop loss is essential!