- Fantom price shows bearish signs on the daily chart.
- Buyers are losing strength and sellers are taking the charge.
Fantom coin delivers weaker cues with sellers’ participation on the intraday charts. Buyers are losing their grip, and sellers are taking charge. In the last session, the down move below the 20-day EMA indicates that the FTM coin is struggling to maintain a price above the 200-day EMA. However, the price is pausing the support mark of $0.4100.
The price action shows bearish signs as the price hovers near the demand zone. If buyers cannot hold the strength near the support mark, then the trajectory signals a down move, but if buyers succeed in attempting a bounce from its 200-day EMA, then the immediate hurdle of $0.4500 acts as a strong resistance mark. Moreover, the sellers have an advantage, and strong conviction arises from the double top pattern.
The sellers are making short positions and continue to tank price from last week. However, the price is near the crucial support mark, if any breakdown arises, then a sharp down move in the upcoming sessions can be seen.
When writing, FTM coin trades at $0.4209 with an intraday drop of 1.93%. The pair of FTM/BTC is at 0.00001433 satoshis, and FTM/ETH is at $0.0002164. Moreover, the trading volume saw a significant upside of 24% in the overnight session.
Fantom coin Daily Chart Shows Double Top Formation
On the daily chart, Fantom price stay in a narrow range and do not register any massive move. The price action shows bearish signals forming a double-top pattern, and the price is close to the bottom line. Meanwhile, sellers are trying to break the support mark of $0.4000.
The sellers are looking stronger and making short positions in the recent week. However, the 200-day EMA is a mark where the price takes a pause, and if it breaks below that, sellers will activate muscles, and more downside is possible.
What Traditional Indicator Says About FTM Coin?
On the 4-hour chart, the FTM coin is looking weaker, sellers are attaining a grip, and RSI shows negative divergence, indicating that the trend is shifting toward a downtrend. Moreover, the RSI is below neutrality, and a negative crossover is also on the curve.
The MACD indicator shows a bearish crossover, and sellers try to break the support range. On the other hand, buyers also try to accumulate but cannot succeed.
Conclusion:
Fathom Price shows bearish signs; long unwinding is also seen in the last trading sessions. Moreover, with the bearish signals based on a double top pattern, sellers have an extra advantage for making short positions.
Technical level:
Support Levels: $0.4000
Resistance Levels:$0.4500
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.