SNEAK PEEK

• The recent Fantom (FTM) price analysis shows a bearish market sentiment.
• FTM/USD is trading on a downtrend as the price has declined to $0.4421 losing 3.34% in the past 24 hours.
• The support and resistance levels for FTM/USD are at $0.4371 and $0.4601 respectively.

The latest Fantom price analysis shows that the pair is trading in a bearish zone. The bears are still in control, and the price has been declining since last week. The selling pressure has been strong, and the FTM/USD pair has been trading in a sideways range after the drop. FTM is currently trading at $0.4421, losing 3.34% in the last 24 hours.

The buyers failed to break past the resistance level of $0.4601, while the sellers managed to push the price down below this barrier and set a lower low at $0.4371. A breach on the resistance level of $0.4601 could indicate an uptrend in the market and might allow FTM to hit new resistance levels; however, as it stands now, the bears are firmly in control.

The two top leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have both dropped in the last 24 hours. Bitcoin’s dominance has dropped to 45.25%, while Ethereum is trading below the $1,800 mark. The past few days have seen a bearish trend across the board of cryptocurrency markets, and FTM is not an exception.

Fantom Technical Analysis

The hourly Fantom price analysis confirms that a downtrend has been taking place for the past few hours, as the price trend line is also sloping downward. The buyers failed to attempt breaking past the resistance level at $0.4601 as the FTM is trading in a range of $0.4400 and $0.4600.

Technical indicators in this time frame are most likely bearish. The RSI has dropped below the 50 level, which indicates a bearish trend. The moving average (MA) is sloping downward, and the red candlesticks are present on the chart.

Additionally, the Bollinger Bands have started contracting, indicating low market volatility. This indicates that the buyers and sellers are not actively trading in the market, but rather waiting for a breakout. The upper band is at $0.4773 and the lower band is at $0.4051, signifying that the market is currently in a consolidation period.

The 1-day chart for Fantom price analysis shows that the pair is trading below the moving average (MA) and has recently headed to the immediate support level of $0.4371. The bears are currently in control, as the chart shows long red candles. The Bollinger Bands have contracted further, indicating low market volatility. The Relative Strength Index is in the neutral region, close to 50..

Based on the Fantom price analysis, it is clear that bears are in control of the market and FTM/USD has been declining for the past few days. The resistance level at $0.4601 seems hard to break, as buyers have failed to make any attempts above this mark. In addition, the contraction of Bollinger Bands and the bearish trend line on both 1-day and hourly charts confirm that a downward breakout is very likely.

Disclaimer: Cryptocurrency price analysis is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/fantom-ftm-price-analysis-31-3/