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Fantom price analysis: FTM retests $1.39 support as bears extend the downtrend


www.cryptopolitan.com 06 December 2021 19:19, UTC
Reading time: ~3 m

  • Fantom price analysis is strongly bearish today.
  • Price has dropped down to $1.39.
  • Next, support for FTM/USD is present at $1.28.

The Fantom price analysis is on the bearish side as the price function is headed downwards continuously. The FTM/USD has set a lower low as the price is at the month’s lowest level of $1.39 right now. The bears have been ruling throughout the last week, and FTM went through a major loss during this time. The trend has been the same for today as well as bears are still exercising their practices, and their momentum has increased over time.

FTM/USD 1-day price chart: Bears eradicate further chances of elevation for Fantom

The 1-day price chart for Fantom price analysis shows the FTM is following a bearish momentum for today as well, as bears are at lead continuously. Their efforts had degraded the price to $1.39 so far.

The moving average (MA) is at the $1.9 position, quite above the price level as the bears have been at the front position during the past week. The volatility is increasing for FTM as the volatility indicator is diverging again.

CAKE/USD 1-day price chart. Source: TradingView

As the volatility is increasing, the Bollinger bands values have moved apart, the upper band has reached the $2.6 mark, and the lower band has reached the $1.51 mark, which also represents resistance for FTM as the price is trading below the lower band. The relative strength index (RSI) has traveled down and is stepping into the oversold zone as it is now present at index 29.

Fantom price analysis: Recent developments and further technical indications

The 4-hour price chart for Fantom price analysis shows, after the price breaking out downwards, the price function continued downside for a few hours, but bulls tried to intervene and take over during the day and elevated the price a bit, but selling pressure again kicked in, and the price started to decrease again, which still continues. However, the recent bullish activity hints at the presence of the bullish element at this stage and might show up again in the coming hours if bulls get the required strength.

CAKE/USD 4-hours price chart. Source: TradingView

The volatility is still high for FTM, with the upper limit of the Bollinger bands settling at $2.1, and the lower limit is at the $1.25 mark representing support for FTM. The average of the indicator is present at the $1.6 mark representing resistance for FTM/USD. The RSI is now trading in the oversold limit showing the coin is undervalued at the moment as the RSI score is only 26.

Fantom price analysis conclusion

The Fantome price analysis reveals the trend has been bearish so far, with traces of some bullish efforts also observed. As the short-term and the mid-term indications are all bearish, we assume the overall trend to remain bearish for FTM, but a reversal to some extent is also possible as the coin is on fall from the last five days, and bears might handover to the bulls now.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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