- FTM price wars fight as price action continues in downtrend.
- FTM failed to break out of its range channel as the price was bounced back into a downtrend price formation with more selling volume.
- FTM price is showing bearish signs as the price is trading below the 50 and 200 Exponential Moving Averages (EMA).
Fantom (FTM) price action has had a rough time as Fantom (FTM) price is showing little to no signs of the price recovering from its downtrend price formation versus Tether (USDT). The crypto market recently saw a slight setback as the price of Bitcoin (BTC) fell from $19,000 to $18,100 as Consumer Price Index (CPI) news indicated a surge in inflation affecting the price of BTC and altcoins. (Binance data)
Fantom (FTM) price analysis on the weekly chart
Given the sharp drop in the crypto market following the release of the CPI news, the market seemed rigged, with Bitcoin (BTC) falling from $19,200 to $18,200 in a matter of hours, then bouncing back to a range high of $19,800 before bouncing back up $19,200 was rejected. With the possibility of Bitcoin (BTC.D) dominance rising to a 45% high, altcoins could suffer more if BTC declines.
After falling to a low of $0.22, FTM’s price bounced off this region as the price surged to a high of $0.42, but the price soon faced more rejection from the weekly low.
FTM is currently trading at $0.2 as the price faces resistance to an upside break; FTM needs to recover from this region price as a price pullback could result in a bigger sell off for holders as there would be more panic around the FTM price. FTM needs to break this downtrend price formation for the price to have an opportunity to trend up; If the price continues like this, we might see the $0.15 area retested.
Weekly resistance for FTM price – $0.25.
Weekly support for the price of FTM – $0.15
Price analysis of FTM on the daily chart (1D).
Daily FTM Price Chart | Source: FTMUSDT On Tradingview.com
The daily time frame for FTM price has been more of a struggle to avoid going lower than breaking out of the downtrend. FTM’s price has since struggled after failing to hold support.
The price of FTM is trading at $0.2 as the price continues its move below the 50 and 200 exponential moving average (EMA); The $0.5 and $0.24 price corresponds to the 200 and 50 EMA and acts as resistance for the price to break to the upside.
The current market is not favorable for FTM but undoubtedly one of the big crypto projects that would decide if the market bounces from its down move.
Daily resistance for the price of FTM – $0.24-$0.35.
Daily support for FTM price – $0.2.
Featured image by zipmex, charts by Tradingview
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