Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Fantom price prediction remains bearish till the price trades below the $0.3300 level. FTM crypto forms a bearish pattern and sellers’ dominance is visible.
FTM price trading below the 50-day and 200-day EMA showcase a strong downtrend. Also, short-term pullbacks getting rejection shows the strength of sellers.
Fantom price is declining by forming lower low swings due to which investors lost confidence. In the past few months, the overall crypto market and many other Altcoins showed a decent recovery.
Despite that, the FTM price remained bearish and did not participate in the rally. It indicates that buyers are reluctant to build long positions and remain doubtful about the future outlook of FTM.
In the mid of June, Fantom crypto price took support near $0.2000 and showed a minor bounce. But, the up move was temporary and prices were unable to hold the higher levels. Slow and steady, prices eroded the gains and returns back to the multi-year low.
Fantom price is trading at $0.2409 with an intraday rise of 0.25%. The 24-hour volume to market cap is 3.27%.
Fantom Price: Are any signs of recovery visible?
Fantom price prediction suggests short-term pullback will be sold off. Therefore, it’s better to avoid this falling knife. As of now, no signs of recovery are visible in FTM crypto which is quite disappointing for its investors.
Till the FTM price trades below $0.3300, it is expected to remain in a bear grip. A speculative spike may come but until it breaks the $0.3300 sellers will remain active.
On the other hand, if the price drops below $0.2000 support then the bear will pull it down to a multiyear low. The technical analysis suggests FTM crypto is in a downtrend and no signs of recovery are visible.
FTM Crypto Bearish on Multiple Time Frames
FTM crypto price is bearish on a multiple time frame. Presently, it is stuck in the wide range and consolidation is likely to continue for some more time.
The MACD curve is below the zero line but generates a positive crossover. It indicates mild bearishness but price action shows divergence. The RSI at 45 slopes sideways indicating a balance between bullish and bearish positions.
Conclusion
Fantom price prediction remains bearish for the short term as well as for the long term. However, the FTM price is oversold so speculative spikes may come but it’s likely to face rejection. Price analysis suggests FTM crypto is in bear grip and more downside is possible.
Technical levels
- Resistance levels: $0.3299 and $0.3963
- Support levels: $0.2098 and $0.1638
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/13/fantom-price-prediction-more-downside-possible-in-ftm-crypto/