- Fantom Price formed a double top bearish pattern.
- FTM crypto dropped below the 200 day EMA and displayed a death crossover.
- The Fantom Price Prediction turned bearish if it broke down the support.
Fantom Price fell 10% in the current week and formed a double top pattern. FTM Price is continuously declining by forming lower low swings and eroded the returns generated in the beginning of 2023.
FTM price dropped below 50 and 200 day EMA showcase positional as well as the short term trend is in downward direction. The 50 day EMA negatively crossed the 200 day EMA which is known as a death crossover.
Presently, the Fantom price is near to the crucial support and buyers are trying their best to defend the $0.3000 level. The prices seem to be in downtrend and short term pull back will face difficulty to sustain on a higher level.
Fantom Price is trading at $0.3130 with an intraday decline of -4.60%. The 24 hour volume to market ratio is 0.111. The pair of FTM/BTC is trading at 0.000001157 with an intraday decline of -2.36.
The chart pattern of Fantom with Bitcoin pair is also in a strong downtrend and near to the yearly lows. The sellers seem to be highly active in both the pairs and no signs of recovery are visible. The correlation between FTM and BTC is 0.68. Therefore, If Bitcoin recovers then it might positively impact the prices of other Altcoins.
Will Fantom Price rebound?
Fantom Price performed well in the month of March and created a hope for the bullish trend reversal. Sadly, the momentum halted near the $0.5000 level and prices faced rejection and again reverted in a downward direction.
If the buyers succeed to defend the $0.3000 level then short term pull back is possible. However, the trend will remain down till price trade below the $0.4560.
Moreover, the prices had corrected a lot and everyone seems to be turning bearish. Therefore, a relief rally may trigger anytime from the lower levels to clear the shorts. The technical analysis suggests, Sellers are dominating in the FTM crypto and possibility of breakdown is high.
FTM crypto price on weekly time frame
FTM crypto price has fallen for eight consecutive weeks and nobody knows where the downfall will halt. The $0.2500 and $0.3000 will act as a demand zone in the coming weeks. If the price drops below the demand zone then it will raise concern for the long term investors.
The technical indicators like MACD had generated a negative crossover. It indicates prices likely to trade with the bearish bias. The RSI at 31 sloping down denotes weakness. However, the price is near to the oversold territory and short covering rally may trigger anytime to clear the existing shorts.
Conclusion
Fantom Price fell 10% in the current week and formed a double top pattern. The price seems to be in a strong downtrend and no signs of recovery are visible. The technical analysis suggests, FTM price is bear grip and possibility of breakdown is high.
Technical levels
Resistance levels: $0.4560 and $0.4956
Support levels: $0.3000 and $0.2500
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.