•FTM/USD is currently priced at $0.22 and has increased by 1.45% over the past day
•The trading volumes have decreased by 34.48% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short-Term View: Will FTM price action provide respite to the investors?
The Fantom price today is $0.228388 USD with a 24-hour trading volume of $90,326,489 USD. Fantom is up 1.45% in the last 24 hours. The trading volumes have decreased over the past day amid a shortage of demand for the altcoin whereas the Volume to Market Cap Ratio stands at 0.1554 for the altcoin.
Fantom bulls have shown admirable resistance in the past few days as the altcoin has been able to minimize its losses amid the increasingly intense selling pressure. However, in spite of the gains today, the growing bearish influence over the present daily candle teases a bearish turnaround as the FTM price is currently transacting below the 20,50 SMA on the four-hour chart. Hence, FTM may experience a slight pullback in the coming period and the price could drop to the support level placed at $0.20 before inducing a catapult action towards the next resistance. On the flip side, the asset could breach the resistance level placed at $0.25 or even $0.30 in case of an extended bullish trend.
Long Term View for Fantom
The RSI for Fantom is currently transacting at 34.94 after it tumbled down due to the huge influx of sellers in the market. On the other hand, in spite of a bearish crossover occurring on the daily chart, the red histograms have been stagnant on the daily MACD chart as the market is currently struggling to provide direction to investors amid a power squeeze between the buyers and sellers. The MACD and signal lines continue to transact in the negative zone which reinforces the bearish argument. Hence, the bulls will need to make a huge statement in order to recover the losses.
Conclusion
The technical indicators for FTM indicate that the bearish momentum is still intact in the market and there seems to be no end in sight to the bull’s problems yet. Hence, we can expect the Fantom price to continue falling in the near term.
Support: $0.20-$0.15
Resistance: $0.25-$0.30
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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
