- Fantom Price Prediction remains bullish till price sustains above $0.3000.
- FTM Price formed a double top pattern and struggled near neckline support.
- The Fantom crypto drops below 50 and 200 day EMA showcase downtrend.
Fantom Price Prediction suggests a rise in the long term till price sustains the $0.3000 support. However, In the short term the prices seem to be in bear grip and consolidating near to the crucial support.
FTM Price formed a double to bearish pattern and corrected 35% approx from the recent swing high. It shows sellers are active on higher levels and $0.5480 will act as a strong hurdle in coming months.
Fantom Price drops below both the EMAs represent positional trend is reversing in the favor of bears. However, the 200 day EMA is sloping sideways shows prices lacked direction and likely to consolidate in a narrow range.
Fantom price is trading at $0.3712 with an intraday rise of 0.11%. The 24 hour volume to market cap ratio is 0.1097. The pair of FTM/BTC is trading at 0.00001381 with an intraday decline -0.14%.
The chart structure of Fantom with BTC pair is in strong downtrend and displayed a death crossover. It shows the sellers are more active in the FTM/BTC pair as compared to USDT pair.
Fantom crypto has tried multiple times to break the $0.5480 level but gets rejected. It shows the sellers dominance on the higher levels. However, till price sustains above the $0.3000 the downside seems to be limited.
Will Fantom Price bounce back from support?
Fantom price is quite volatile and consolidating in the wide range between $0.3000 to $0.5480. It has performed well in the beginning of 2023 and generated decent returns for the long term inverters.
The past few months were disappointing and the recent downfall eroded the majority portion of the previous gains. If buyers succeed to defend $0.3000 support, short term rebound is possible. However, the price will pick up momentum when price trades above both the EMAs.
On the other hand if the price drops below the $0.3000, it will surely raise concern for the long term investors. The technical analysis suggests, FTM price is in downtrend and no signs of recovery is visible. Therefore, any short term bounce might turn out as a bull trap.
FTM Price struggles to defend weekly low
FTM Price formed a long tail bearish candle on a weekly time frame and struggled near to previous week low. The overall market sentiment is also mild bearish which is negatively impacting the prices of Altcoins.
The technical indicators like MACD curve intersect with each other and sloping sideways. It indicates prices are likely to consolidate for some more time before deciding further direction. The RSI at 39 near to the oversold territory and short term relief rally may trigger from lower levels.
Conclusion
Fantom Price Prediction suggests a rise and the long term outlook remains bullish. However, for the short term prices seem to be in a bear grip. FTM Price has corrected 35% approx from the recent swing high and formed a double top pattern. Technical analysis suggests, Fantom crypto price is in downtrend and no signs of rebound is visible.
Technical levels
Resistance levels : $0.5480 and $0.6482
Support levels : $3.000 and $2.500
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.