FTM Price Analysis: Fantom unsteady amid turbulent times

•FTM/USD is currently priced at $1.20 and has decreased by 6.12% over the past day

•The trading volumes have decreased by 2.17% over the last day

•The technical indicators suggest a bearish outlook 

Short Term View: Bears drive down Fantom price

The Fantom price today is $1.20 USD with a 24-hour trading volume of $1,240,342,279 USD. Fantom crypto is down 6.12% in the last 24 hours. The trading volumes have remained stable over the past day, with only a slight reduction in the metric observed. The Volume to Market Cap Ratio stands at 0.4052.

Fantom crypto reached its all time high of $3.28 on October 28,2021 , which seems scarcely believable now that the corrections and downtrends have wiped a significant chunk of the altcoin’s value. Fantom crypto is currently in the midst of a downtrend as the selling pressure has kept mounting. The coin is currently trading below the 20 and 50 SMA, with the 20 SMA lagging the 50 SMA by a big margin. This reinstates the bearish sentiment prevailing in the market and a further continuation could lead to the prices falling all the way down to  the support level placed at $1.15. In the event of a breakout, the resistance is placed at $1.30 on the other end of the spectrum. 

Long Term View of FTM

The technical indicators suggest a murky future for Fantom as the bears have taken over. The RSI is currently hovering at 34.25 and a continuation of the bearish trend will lead to it entering the oversold territory.  The MACD Indicator, on the other hand, shows the red histograms increasing in size on the daily chart, which is bad news for the bulls. The gap between the MACD and signal line is also increasing at a fast pace, which could spell doom for the bulls and their motives.

Conclusion 

Fantom crypto finds itself in the middle of a downtrend which has led to significant price correction over the past few days. The bulls have their work cut out for them as the altcoin looks well on its way to plunge further. 

Support: $1.15

Resistance:$1.30

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.