Fantom Bear Market Struggle Continues; Will Price Break The Downtrend Jinx?

  • FTM’s price struggles as a downtrend price movement continue. 
  • FTM did not break from the range channel and was rejected by the market into a downtrend formation. This resulted in more volume selling.
  • FTM prices are showing signs of bearishness as they trade below the Exponential Moving Averages 50/200 (EMA).

Fantom’s (FTM), price movements have been difficult as Fantom is showing little to no price bounce off of its downward trend price structure against tether. (USDT). The crypto market recently faced a slight setback with Bitcoin’s (BTC) price dropping from $19,000 to $18,100 as the Consumer Price Index (CPI) news indicated an increase in inflation, which affects the price of BTC and altcoins. Data from Binance

Weekly Chart: Fantom (FTM), Price Analysis

After the publication of CPI News, there was a sharp fall in cryptocurrency market. Bitcoin dropped from $19 200 to $18,200 in just hours. Then it rebounded to a high of $19 800 before being rejected back to $19,000. Altcoins may be more affected by Bitcoin Dominance (BTC.D), which could reach a peak of 45%. 

FTM dropped to $0.22. However, it rebounded and rose to $0.42. But, there was more resistance to this price.

FTM trades currently at $0.2, as it faces resistance to breaking lower; FTM must bounce from this area price as lower prices could cause more panic and sell-off for the holders. FTM must break out of this downward trend price structure for price to continue to trend upwards; otherwise, it could lead to more sell-offs by holders.

Weekly resistance for the price of FTM – $0.25.

Weekly support for the price of FTM – $0.15

FTM on The Daily (Daily) Price Analysis Chart

Source-: FTMUSDT At| Source: FTMUSDT On

FTM’s price is more challenging to stay below the current trend than it has been to break out of it. FTM’s price has since struggled after failing to hold support.

FTM’s price trades at $0.2 as the price continues its movement below the 50 and 200 Exponential Moving Average (EMA); the price of $0.5 and $0.24 corresponds to the 200 and 50 EMA, acting as resistance for the price to break higher. 

FTM’s current market situation isn’t favorable, however FTM could still be a great choice as long as there is a rebound in the market.

Daily resistance for the price of FTM – $0.24-$0.35.

Daily support for the price of FTM – $0.2.

Featured image from zipmex. Charts From Tradingview 

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