- Fantom coin has broken down the descending parallel channel and is frequently moving lower.
- Fantom coin price breached a 4-months low, and it is near the significant support level of $1.0.
- The FTM/BTC pair price is trading in the red zone by 5.21% at 0.00002854 Satoshis.
Fantom Coin appears to be extremely bearish after breaking the descending parallel channel (green). Looking at the higher time frame, FTM Crypto’s price action is indicating a double top formation, where the top is located near the all-time high ($3.484-point), and $1.30 appears to be its neckline. During the bearish weekend, the FTM price slipped sharply below the neckline.
Fantom Crypto weakened after breaking the uptrend line (green), the coin has since lost around 38% of its cost. However, at the time of writing, the FTM coin appears to be down 0.97% at $1.104. Buyers now have the only dominating level at $1.0, which may cause more bloodshed if they fail to keep the crypto price above $1.0. Furthermore, the FTM/BTC pair price is trading in the red zone by 5.21% at 0.00002854 Satoshis.
Although, the daily trading volume bars are increasing higher during the short-selling, which is the most significant indication of a coin’s weakness. Despite the downwards momentum, the FTM coin has reclaimed 69% trading volume over the past 24-hours. The volume to market capitalization ratio is 0.28 today.
Fantom Coin has immediate support at the $1.0-mark, and the coin has a bullish hurdle at the $1.30-level (2022 low, which turned into resistance). Nevertheless, the FTM coin price is trading below critical moving averages (including 20, 50, 100, and 200 MA) in terms of the daily price chart.
The technical indicators suggest a bearish trend
Stoch RSI is looking for highly oversold areas in the context of the daily price chart after a bearish crossover from the overbought zone. If the bulls maintain the FTM price above the psychological level of $1.0, the RSI will give a bullish crossover.
The average directional index is gradually moving upwards, suggesting the strength in bearish momentum for the FTM coin.
Also read: Today, sellers throw FTM coin below 2022 low; what next?
Conclusion
Investors wait for a bullish crossover of the Stoch RSI indicator; then, they will act aggressively. But nevertheless, the $1.30 level is an immediate bullish hurdle for the Fantom coin; if they successfully cross that level, they could dominate the bullish trend again.
Resistance level- $1.3 and $2.0
Support level- $1.0 and $0.6
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.