Fantom Price Prediction: Bears taking FTM price down the hill

• The Fantom was currently at $0.4261, decreasing 4.06% during the intraday trading session.
• The 24-hour low of FTM was $0.3984 and the 24-hour high of FTM was $0.4481.
• The current Fantom token price is between 20, and 100-Day EMA.

The pair of FTM/BTC was trading at 0.00001906 BTC with a rise of 0.43% over the intraday trading session.

Fantom price analysis suggests that it is currently in a downtrend. Since the start of 2022, the token has been in a steep decline till May 2022 which indicates that the sellers were dominating the market completely which can be seen on the daily trading chart. After that buyers tried to keep the token above its primary support but near the end of the year sellers pushed the token below its primary support of $0.218, forcing the token to make its new 52-week high.

After the start of 2023, the token again started moving upwards constantly breaking its primary support and resistance. It even broke its secondary resistance but soon after sellers became active in the market and pushed the token below its secondary resistance of $0.495 which made the previous breakout a false breakout. If sellers push themselves then the token may break its primary resistance which can put the token in critical condition.

Source: FTM/USD by Tradingview

The volume of the coin has increased by 43.95% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of FTM, which represents a weakness in the current bearish phase and a possible reversal.

The technical analysis of Fantom

Source: FTM/USD by Tradingview

RSI is decreasing in the oversold zone and is showing signs of a negative crossover which indicates that the sellers are coming in the majority and pushing FTM downwards. This suggests the strength of the current bearish trend. The current value of RSI is 42.83 which is below the average RSI value of 48.68.

The MACD and the signal line are decreasing but not showing a definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Conclusion

Fantom price analysis suggests that it is currently in a downtrend. 2022 can be said not a good year for the token as it was mostly dominated by the bears throughout the year because of this the token made its 52-week low near the end of the year. After the stat of 2023, the token started increasing breaking its secondary resistance but sellers pushed back the token downwards. The increase in volume shows positive market sentiment towards the token. RSI and MACD both are decreasing over the daily chart which shows strength in the current bearish phase, as per the technical indicators.

Technical Levels-

Resistance level- $0.362 and $0.495

Support level- $0.218 and $0.164

Disclaimer-

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss

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