Fantom Bear Market Struggle Continues; Will Price Break The Downtrend Jinx?

Share This Post

  • FTM’s price struggles as a downtrend price movement continue. 
  • FTM failed to breakout from its range channel as the price was rejected into a downtrend price formation with more sell volume.
  • The price of FTM shows bearish signs as the price trades below the 50 and 200 Exponential Moving Averages (EMA).

Fantom (FTM) price movement has had a rough time as the price of Fantom (FTM) shows little or no sign of price bouncing off from its downtrend price formation against tether (USDT). The crypto market recently faced a slight setback with Bitcoin’s (BTC) price dropping from $19,000 to $18,100 as the Consumer Price Index (CPI) news indicated an increase in inflation, which affects the price of BTC and altcoins. (Data from Binance)

Fantom (FTM) Price Analysis On The Weekly Chart

Given the sharp decline in the crypto market after the release of the CPI news, the market appeared to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours and then back up to a range high of $19,800 before rejection back to $19,200. With the possibility of Bitcoin Dominance (BTC.D) rising to a high of 45%, altcoins could suffer more if BTC retraces. 

After dropping to a low of $0.22, the price of FTM bounced off this region as price rallied to a high of $0.42, but the price was soon met with more rejection to the weekly low.

FTM currently trades at $0.2 as the price faces resistance to breaking higher; FTM needs to bounce off this region price has found itself as price dropping lower could lead to more sell-off for holders as there would be more panic for FTM price. FTM needs to breakout this downtrend price formation for the price to have opportunities to trend higher; if the price continues this way, we could see retesting the region of $0.15.

Weekly resistance for the price of FTM – $0.25.

Weekly support for the price of FTM – $0.15

Price Analysis Of FTM On The Daily (1D) Chart
Daily FTM Price Chart | Source: FTMUSDT On Tradingview.com

The daily timeframe for the price of FTM has been more of a struggle to avoid going lower than breaking out of the downtrend. FTM’s price has since struggled after failing to hold support.

FTM’s price trades at $0.2 as the price continues its movement below the 50 and 200 Exponential Moving Average (EMA); the price of $0.5 and $0.24 corresponds to the 200 and 50 EMA, acting as resistance for the price to break higher. 

The current market is not favorable for FTM but undoubtedly is one of the great crypto projects that would pick as the market bounces from its downtrend movement.

Daily resistance for the price of FTM – $0.24-$0.35.

Daily support for the price of FTM – $0.2.

Featured Image From zipmex, Charts From Tradingview 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Michael Saylor on Why XRP Isn’t Part of His Investment Strategy

The post Michael Saylor on Why XRP Isn’t Part of His Investment Strategy appeared first on Coinpedia Fintech News Post Trump’s win the market has turned bullish, Bitcoin is trading at $92,460, up

Bitcoin Price Prediction for the Next 6 Years: Experts Weigh In

The post Bitcoin Price Prediction for the Next 6 Years: Experts Weigh In appeared first on Coinpedia Fintech News The Bitcoin market has grown by over 362% in the last 30 days Yesterday, it achieved

Gemini Foundation Launches BOME, GOAT, MEW, PNUT, and POL Perpetual Contracts With Up to 100x Leverage

The Gemini Foundation, a non-US derivatives platform operated by Gemini, has announced the addition of five new perpetual contracts to its trading platform, allowing users to trade BOME, GOAT, MEW,

Bitcoin Is About To See A Historically-Profitable Crossover In This Metric

On-chain data shows the Bitcoin Puell Multiple is about to undergo a crossover that has historically been very bullish for BTC’s price Bitcoin Puell Multiple Could Cross Its 365-Day MA In Near

Cardano Price Prediction: Will ADA Price Hit $1 Or Plunge Post 128% Rally?

The post Cardano Price Prediction: Will ADA Price Hit $1 Or Plunge Post 128% Rally appeared first on Coinpedia Fintech News Story Highlights Cardano price is on the path of recording a new 52-week

Bitfinex $10 Billion Hack: ‘Razzlekhan’ Sentenced To 18 Months For Money Laundering

In the latest development of the Bitfinex hack saga, Heather Morgan, known as “Razzlekhan,” was sentenced to 18 months for laundering the 120,000 Bitcoin stolen in 2016 The Court decision follows