- During the sharp sell-off, the Fantom coin is going to see a solid bearish weekend with a loss of 32%.
- The vital daily exponential moving averages are observed above the current price of the FTM coin.
- During the selling, the trading volume has increased by 77% in the past 24-hours.
After experiencing rejection from the 60-day high at $1.7, Fantom Coin appears exceedingly bearish, acting as a barrier for purchasers. However, the bears were able to end the daily price candle below the conceptual round level of $1.0 last week. As a result, the critical support level of $1.0 has now become a resistance level.
Fantom Coin looks extremely bearish after receiving a rejection from the 60-day high at the $1.7 mark, which acts as a resistance for buyers. However, last week, the bears managed to close the daily price candle below the conceptual round level of $1.0. Thus the crucial support level of $1.0 has now turned into a resistance level.
At the time of writing, the FTM coin is trading at $0.7275, down 32% this week. However, the bears registered a decline of around 9.5% in the market cap to $1.8 billion in the last 2 hours as per CMC. Besides, FTM/BTC pair price is showing weakness with 7.4% on 0.000001918 Satoshis.
Watching the key daily exponential moving average above the current price of the FTM coin. And the 20 EMA appears to be a bearish hedge point on the daily price chart. However, during the sell-off, trading volume increased by 77% in the last 24 hours.
Bulls may attempt the recovery above the most recent support zone
With reference to the daily price chart. The RSI indicator is looking in an extreme bearish zone. Conversely, the ADX indicator is moving higher and is showing highly volatile momentum for Fantom Coin.
After detecting a double top formation on the daily price chart, Fantom Coin appears to be solidly bearish. Bulls must keep the FTM price above the $0.60 support level
Resistance level- $1.0 and $1.7
Support level- $0.60 and $0.5
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.