Four months ago, Fantom’s (FTM) price has moved at a fast bullish rate in a certain range. This follows a sharp fall in May.
- FTM prices up by 2.21%
- Although Token is bullish, it has fallen mid-range over the last few days.
- Bears set to rule, so it is not wise to go on a buying spree at this time
However, it seems the price has abated and moved below the range’s mid-point as seen in the past couple of days. FTM now anticipates that the range’s mid-point will drop by 20% in the following days.
The September outlook for Bitcoin is also bearish as the price of Bitcoin ebbs. This could lead to Bitcoin falling further in the future. Fantom will likely follow the lead of Bitcoin and trim some value, as it falls below its failsafe level.
CoinMarketCap reports that FTM is currently trading at $0.2519, a rise of 2.21% according to press time.
FTM shifts from support to resistance
On the daily chart, Fantom’s midpoint was spotted at $0.32 with its range going from $0.45 to $0.2. FTM showed a slowdown in August with levels shifting between support and resistance zones.
Evidently, both the midpoint and the RSI were breached. The RSI dropped to below 50, indicating a bearish trend.
Chart: TradingView.com
On the hourly chart, it seems that FTM’s volatility has weakened. As it rose from the same level, the price held the $0.28 support zone. The bulls now look weaker with FTM drawing an enormous candle that tilts downwards.
Fibonacci levels of retracement are currently set at $0.256 and $0.261 respectively. These levels are right below the demand zone.
Bears are trained to tighten their crotch
OBV also fell, indicating an increase in the selling volume. RSI, on the other hand, is looking very bullish with its rise above 30.
Daily chart indicated that an increase in the price of $0.2 is a great buying opportunity.
A jump to the $0.26 level seems possible. This move would make it more profitable to sell than to buy. At this point, the bears are poised to dominate and it’s not advisable to go for a buying or shopping spree.
Fantom, a cryptocurrency network, boasts fast payments, secure trades and incredibly low gas costs that allows DApps to access its network through smart contracts that execute transactions without any intermediaries.
Fantom lets traders exchange and convert tokens to other blockchains, such as Ethereum.
Fantom’s native token FTM is used for paying gas fees when making transactions within the networks. Staking FTM allows you to earn roughly 13% annually in Fantom’s yield program.
Source: TradingView.com| Source: TradingView.com Featured image by DataDrivenInvestor. Chart by TradingView.com