Fantom Price Analysis: FTM Consolidates Inside the Descending Parallel Channel, What’s Next?

Fantom price has been declining through a falling parallel channel over the daily price chart.
FTM crypto is trying to sustain at 20 EMA and looks like it struggles to maintain itself.
The pair of FTM/BTC is at 0.00001286 BTC with an intraday drop of 2.55%.

Fantom price is presently CMP at $0.24 and has lost 3.49% of its market capitalization in the last 24-hour period. In contrast, trading volume has increased by 18% in the intraday trading session. This shows that FTM bulls are trying to gather for the token’s rescue. Volume to market cap ratio is 0.2544.

FTM coin price has been trading inside a declining parallel channel over the daily chart. The token makes an effort to exit its consolidation period, which necessitates a significant upward momentum. FTM bulls made repeated attempts to exit the pattern but were unable to hold their position at the top trendline of the parallel channel.

The volume change is below average, and during the intraday trading session it must significantly increase. To break free from the trend, FTM must now draw in more purchasers, or in other words, buyers must step forward.

Support on the lower end is at $0.20, and resistance on the higher side is at $0.30.

What do Technical Indicators suggest about FTM?

FTM price is decreasing in a parallel channel on the daily chart. Bulls in FTM must build up and adjust to a strong ascending momentum in order to record the token’s breakthrough.

Technical indicators appear to be somewhat divergent at the moment because the price of the crypto asset is moving a little bit counter to their signals. Relative Strength Index showcases the downtrend momentum of FTM inside the falling parallel channel. RSI is at 41 and FTM investors can expect any directional change below 40. MACD exhibits the consolidation phase of FTM coin inside the falling parallel channel. The MACD line is ahead of the signal line with lower margin.

Conclusion

Fantom price is moving inside of a parallel downward channel over the daily chart. The token has been trapped inside a parallel channel that is dropping since January 2022. Investors in FTM anticipate a daily increase in the token’s price. To exit the channel’s consolidation stage, FTM coin must produce enough upward velocity. The volume change is below average, and during the intraday trading session it must significantly increase. To break free from the trend, FTM must now draw in more purchasers, or in other words, buyers must step forward. Technical indicators appear to be somewhat divergent at the moment because the price of the crypto asset is moving a little bit counter to their signals. RSI is at 41 and FTM investors can expect any directional change below 40.

Technical Levels

Support Levels: $0.20 and $0.17

Resistance Levels: $0.30 and $0.35

Disclaimer

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

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