- Fantom price fell 20% approx. on a weekly basis.
- FTM price drops below the 50 day EMA and struggles to hold the 200 day EMA.
- Fantom crypto price rejected $0.5500 and formed a bearish pattern.
Fantom Price fell 20% approx on a weekly basis and showing signs of bearish trend reversal. Fantom Price got sharp rejection from the supply zone at $0.5500 and selling volume is on rise indicates correction has just begun.
FTM price slipped below the 50 day EMA showcase short term trend is reversing downside. However, the confirmation of the trend reversal will come when sellers succeed to break down the 200 day EMA. FTM price is near the crucial support and if the selloff continues, then it will surely disturb investor sentiment.
Fantom Price is trading at $0.04251 with an intraday rise of 0.50%. The 24 hour volume to market cap ratio is at 0.1551. The pair of FTM/BTC is trading at 0.00001553 with an intraday rise of 0.13%. The chart structure of the FTM/BTC pair is also turning bearish which shows profit booking is visible in both the pairs.
Around mid March, Fantom price took support near the demand zone at $0.3035 and gained positive momentum. It showed a decent recovery and buyers regained the 50 and 200 day EMAs. It created hopes for more upward momentum but prices faced resistance at $0.5000 and got stuck in a narrow range consolidation phase.
Will Fantom Price Rebound or more downside pending?
Fantom price tried to break the higher range to expand upside but got rejected. It indicates strong bears are active in the supply zone and $0.5000 will act as a strong hurdle level in the coming months.
Presently, FTM price is near the demand zone and might consolidate for some time. On the other hand, if the overall market sentiment remains bearish, then it may negatively affect FTM crypto. Technical analysis suggests that FTM price is in the initial phase of a bearish trend reversal and no signs of a rebound are visible. If Fantom crypto price drops below $0.4167, then the bears may try to drag it down toward the previous low at $0.3035.
FTM Price Near Crucial Support
FTM price formed a bearish engulfing pattern on the weekly time frame and lost the gains of the past five weeks. Fantom price is near the crucial support. If buyers succeed in defending the support, then we may say FTM formed a long term base and downside will remain limited. The MACD generated a negative crossover which indicates mild bearishness. The RSI at 39 sloping downward denotes it may test the oversold territory in the coming weeks.
Conclusion
Fantom Price fell 20% in the current week and showed signs of a bearish trend reversal. FTM price is near a crucial support and if it gets broken, then more downward movement is possible. Technical analysis suggests FTM crypto is in bearish grip and no signs of a rebound are visible. However, if the market sentiment improves, then FTM price might take a U-turn.
Technical levels
Resistance levels : $0.5478 and $0.6563
Support levels : $0.4167 and $0.3035
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.