Two people were killed in separate, unrelated collisions involving school buses in Los Angeles County on Friday morning, authorities said.
About 7 a.m., a gray SUV traveling east on Avenue M in Lancaster swerved into oncoming lanes of traffic and collided head-on with a school bus east of 20th Street West, according to Deputy Veronica Fantom, a spokesperson for the Los Angeles County Sheriff’s Department.
The driver of the SUV was pronounced dead at the scene, Fantom said.
There were no children on the school bus at the time of the crash, she said, but KTLA reported that two adults on the bus were hospitalized with non-life-threatening injuries.
It is currently unknown if alcohol, drugs or speed played a role in the crash, Fantom said.
The second deadly crash took place at the intersection of Del Amo and Norwalk boulevards in the vicinity of the border between Lakewood and Cerritos, when a vehicle ran a red light and collided with a school bus about 8:30 a.m., Fantom said.
After hitting the bus, the vehicle then veered onto a nearby sidewalk — colliding with an elderly female bicyclist, Fantom said. L.A. County Fire Department paramedics responded and pronounced the cyclist dead at the scene, she said.
No children were aboard the bus and there were no other known injuries, she said.
Fantom appears to be forming a double bottom pattern currently, a confirmation of which could lead to a break towards $1.60 according to an analyst.
Fantom Might Be Forming A “W” Pattern In Its Weekly Chart
As explained by analyst Ali in a new post on X, FTM’s weekly price chart has appeared to have been forming a “W” pattern recently. A W or double bottom refers to a pattern in technical analysis that ends with a bullish resurgence for the asset.
The pattern forms when the price forms two consecutive bottoms after going through some significant downtrend and finally reverses its direction with a sharp bullish move.
While the pattern is known for its resemblance to the letter “W” from the English alphabet, the pattern can still form even if the “W” shape doesn’t quite look as symmetrical.
Like this pattern, there is also the “M” or double top pattern, which forms when two consecutive tops follow an uptrend and the price subsequently shifts towards a downwards trajectory.
Now, here is the chart shared by the analyst that shows how a potential W pattern may be forming for the weekly price of Fantom:
The possible pattern forming in the asset's price | Source: @ali_charts on X
As is apparent in the above graph, the Fantom weekly price formed its second bottom in October and has since been sharply going up. The pattern is indeed starting to resemble a W now, but it’s still not fully confirmed yet.
In the chart, Ali has also highlighted the $0.57 level at which the coin hit the top between the two bottoms and it seems like the weekly price has been approaching this line recently. “If $FTM sustains a weekly close above $0.57, it will confirm this bullish formation and march toward $1.60!” notes the analyst.
From the current spot price of the cryptocurrency, a rally towards this level would mean an increase of almost 192%. It now remains to be seen if the asset can confirm this pattern and go on a run like this or not.
A few days back, the same analyst had discussed about the on-chain support and resistance levels for Fantom, revealing that the coin has little in terms of obstacles until the $0.66 level.
The cost basis distribution around the various FTM ranges | Source: @ali_charts on X
In the above chart, the data for each FTM price range in terms of the number of investors or addresses who bought their coins at them is displayed. The $0.45 to $0.47 range was filled with investors, but the asset has already cleared it.
Generally, investors tend to show a selling reaction whenever the price of the asset retests their cost basis from below, as they might be tempted to just exit at their break-even point, rather than risk going into losses again.
Ali had noted that with the dense zone clear, there were no more supply walls in sight for the cryptocurrency. The asset has been making its way up since then, mowing through these centers of relatively weak resistance.
With the path appearing clear in terms of on-chain resistance and a W pattern beginning to form, a move towards higher levels may be coming for the asset.
FTM Price
At the time of writing, Fantom is trading around the $0.548 level, up 34% in the past week.
Looks like the price of the coin has been going up recently | Source: FTMUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Fantom (FTM) has recently displayed remarkable performance, surpassing several leading digital assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) among others.
Over the past 24 hours, FTM has experienced a notable surge of 9%, propelling its price to the $0.4950 level. This upward momentum has sparked optimism within the market, with the potential to drive FTM towards its yearly high of $0.65.
Fantom Poised For Upward Surge?
Crypto analyst Ali Martinez has shared insights into the promising outlook for Fantom. Martinez emphasizes that FTM trading above the critical resistance level of $0.47 signifies a significant bullish turning point.
Furthermore, the analyst notes that there are no major obstacles in sight until the $0.65 level. As long as FTM remains above this crucial level, Martinez predicts a strong rally for the token.
With FTM’s breakthrough above the $0.47 resistance level, the stage is set for further gains. The absence of significant barriers until the $0.65 mark provides an encouraging backdrop for FTM’s potential upward trajectory.
Analyst Ali Martinez’s assessment reinforces the belief that as long as FTM maintains its position above $0.47, investors should prepare for a robust rally in the token’s price.
Social Media Buzz Surrounding FTM
In recent weeks, Layer 1 (L1) blockchain protocols have taken center stage in the cryptocurrency community. Tokens such as Injective (INJ), Kaspa (KAS), Avalanche (AVAX), and Solana (SOL) have outperformed major cryptocurrencies.
However, amid this L1 surge, Alpha Scan highlights that Fantom has emerged with impressive sentiment strength, capturing the attention of market participants and further bolstering the protocol’s native token price surge.
According to a recent post on X (formerly Twitter) by the sentiment analytics firm, an analysis of social media conversations reveals that a staggering 61% of all monthly mentions of FTM have occurred within the last seven days.
FTM’s 61% increase in mentions on social media. Source: Alpha Scan on X.
This sudden surge in mentions commenced on December 9th, indicating a heightened interest and positive sentiment surrounding the token.
Over the past 30 days, 28 key accounts have actively discussed FTM, further emphasizing its growing significance.
Notably, 20 of these key accounts have specifically highlighted FTM within the last seven days, reflecting a heightened level of attention and engagement within a relatively short period. This ratio of key account engagement during the past week indicates a distinct rise in interest and potential market influence.
Annualized Increase Reinforces Positive Outlook
According to Token Terminal data, in addition to the social media buzz surrounding the protocol and its native token, Fantom’s market capitalization has reached approximately $1.38 billion, with a remarkable increase of 18.47%. This surge reflects the growing demand for FTM and its expanding market presence.
In terms of revenue, the token has witnessed substantial growth, with a 30-day revenue increase of 734.11% to $171.73k. Moreover, the annualized revenue has surged to $2.09 million, representing a significant rise of 813.75%.
Moreover, Fantom’s fully diluted market capitalization stands at around $1.57 billion, indicating a substantial increase of 43.39%. This growth further reinforces the market’s confidence in the protocol’s prospects.
When considering performance ratios, the P/F ratio (fully diluted) is calculated at 203.80x, while the P/S ratio (fully diluted) is reported at 679.33x. Although both ratios have dipped by 82.8%, they still suggest a strong valuation for Fantom relative to its performance.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
