Fantom Price Prediction is suggesting that bears are preparing to enter the price action on the daily and weekly chart. Investors are seeing a decline in bullish sentiments. The volume is seeing an increase in the red candles which suggests an increase in the selling pressure.
Investor sentiments regarding the Fantom price are bearish at present and may remain negative unless the buyers start stepping into the price action with substantial strength. However, according to the technical indicators and price action, the probability of a bullish recovery is slim to none for the near future.
The present value of Fantom is $0.2698 and it has a market capitalization of around $771.23 Million.
Fantom Price Prediction: Technical Analysis On 1 Week Timeframe
The price patterns made through candlesticks present a bearish outlook. The Fantom price is making a evening star on the weekly chart. The pattern indicates that bulls tried to push the price unsuccessfully. The exhaustion among the buyers is reflected by the Doji candle whereas the red candle suggests that bears grasped the opportunity, entering the price action. This price pattern forecasts a further decline in the future value of the token.
Technical Analysis (1 Day Timeframe )
Fantom price saw a sharp fall in value after taking resistance from $0.3200; making a double top pattern. The Fantom token is moving below the neckline of double top pattern where it is making long red candle. There is a sharp spike in the red volume candles.
The RSI oscillator is approaching the demand zone with steady movements. The current value of RSI is 41.32 points, whereas the 14 SMA is providing resistance to it at 49.53 points.
The stochastic RSI is giving a negative interception to the median line. The %K line has already approached extreme oversold level on the 1 day chart whereas the %D line is fast on its heels. Observing the previous movements, the investors may look out for a bullish interception to take the confirmation for a rally.
Conclusion
As per the analysis, technical indicators and price action, the probability of a bullish recovery is slim to none within the near future. The oscillators are approaching the oversold levels. In the longer timeframe, the technical indicators reflect the same possibility for Fantom price.
Technical levels –
Support – $0.200
Resistance – $0.300
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/09/fantom-price-prediction-an-evening-star-in-the-fantom-price/