- The crypto asset is facing a downtrend across all time horizons (short, medium and long term).
- The price is moving below the 20, 50, 100 and 200 daily moving average.
- The FTM/BTC pair is at 0.00001251 with a loss of 0.38%.
Fantom is directed acyclic graph (DAG) smart contract platform providing decentralized finance services to developers using its own bespoke consensus algorithm. Fantom attempts to use a new scratch-built consensus mechanism to facilitate DeFi and related services on the basis of smart contracts
The crypto asset is facing a downtrend across all time horizons (short, medium and long term). The coin needs to accumulate its bulls to sustain in the market and to drive the market green, but bears are definitely going to interrupt the process as the coin is continuously falling and making their pockets full.The price has fall 2.44% over the 24 hrs trading session.The investors are not making a move as they are waiting for a directional move in the market. The price made a higher high of $0.40 over the last intra day trading session.
The current price for one FTM coin acc. to CMP is trading at $0.35 with a decrease of 2% in its market capitalization in the last 24 hrs. The coin has a volume of 425 million with a gain of 16.52% in it and a market cap of 916 million with a loss of 1.56% in just 24 hrs. The volume market cap ratio is 0.4719.
Calling for support
The price is suffering a downtrend across all horizons, hence it needs its bulls to accumulate and help the coin to climb up again as the FTM ecosystem is falling without any support, but here the investors are waiting for a directional change to occur.
Whereas the MACD indicator is indicating a bullish movement over the daily graph as the histograms are rising green and the last cross which MACD line made was a positive cross.
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While the relative strength index is speaking about the increase in selling volume as the RSI line is moving toward the oversold region.
Conclusion
The crypto asset is facing a downtrend across all time horizons (short, medium and long term). The coin needs to accumulate its bulls to sustain in the market, as looking for the Technical indicators this time the indicators are manipulative, hence the investors are waiting for a directional change in the market.
Technical levels
Resistance levels: $0.50 and $0.60
Support levels: $0.20 and $0.10.
Source: https://www.thecoinrepublic.com/2022/06/06/fantom-price-analysis-ftm-investors-are-waiting-for-a-directional-move/