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- 1 Fantom price is currently trading at $0.3634 while seeing a decrease of -0.03% during the intraday session.
- 2 FTM price is trading below 20,50,100 and 200-day EMAs.
- 3 The 24 hour trading volume of Fantom is $160,187,700.
Fantom Price Prediction became one of the strongest performers in the cryptocurrency market, giving returns of approximately 226% during the beginning of 2023. The bulls pushed the price from the low of $0.1970 to a high of $0.65. FTM price then corrected the move by falling to the $0.33 level.
The downtrend started for FTM after touching the highs, and the price slowed, creating lower lows and lower highs. FTM price did escape from the downtrend to start its bullish rally to reach the annual highs, but the momentum was halted by the bears on the $0.5330 level bringing down the price to the $0.4070 level.
Fantom Price Prediction Breaks $0.4070 level
Recently, the support of the $0.4070 level was breached, with the price heading toward the $0.33 level. The fall has already caused a loss of 13% in the span of two days and if the price reaches to $0.33 level, the overall loss for the price would be approximately 18%. The previous candle received rejection from the $0.35 level and the current candle is headed towards breaking the bottom wick of the 8 May candle.
If the FTM price can break below the $0.33, the next target for the price would be the $0.30 level, and if bearish momentum still survives in the market, the FTM price might head towards the yearly lows. If bulls can defend the $0.33 level and active buyer participation strikes the market, traders can expect the price to retest and possibly break the $0.4070, which supports turned resistance for the price.
Will FTM Price Break $0.33 Level in the Coming Days?
RSI trades at the 32.23 level indicating strong bearish, and will soon reach the oversold zone if the price reaches the $0.33 level increases the chances of a pullback. Chaikin money flow score is -0.05 indicating weakness in the market. FTM price has already reached below the lower band of Bollinger on a daily basis, indicating that the price might have a pullback to 20-day SMA before moving further down. The longs/shorts ratio is 1, with 50% longs and 50% shorts, indicating the same pressure from bulls as bears in the last 24 hours.
Conclusion
Fantom’s price action and market structure are currently bearish after the breakout from the $0.4070 level. Technical parameters indicate that the price has reached a stage where it might require a pullback to move further down. The bearish momentum prevails in the market, FTM price can move back to annual lows and might lose all the gains it made in the year 2023. It will be amazing to see if Fantom Price Prediction can again gain bullish momentum similar to the February run.
Technical levels:
Major support: $0.33 and $0.30.
Major resistance: $0.4070 and $0.5330.
Disclaimer
The views and opinions stated by the author, or any people named in this article about Fantom Price Prediction, 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.