- Fantom price is hovering in a key demand zone amid a huge selloff recently.
- FTM price may reach the $0.15 level as the next support level.
- The market cap of FTM Crypto is down 17.18% overnight and is reported at $513 million.
Fantom price is the lowest level of 52 weeks at $0.18. Undoubtedly, the market sentiment is weak and Bitcoin is the biggest dominance of the crypto market. This week, the price of bitcoin fell by over 14.7% during that time and due to this intense selling pressure in BTC, other altcoins are following the same directional approach.
Although, the price action is clearly forming a bearish trend as it makes a low-high on the higher time frame. Therefore, sellers often sell crypto on a downsloping trendline (bottom of the chart). Now the price is looking at key support areas where the bulls reverse the downtrend several times.
Against the USDT pair, Fantom coin is trading at $0.2048 mark at press time. There is no-doubt, FTM is in a strong bearish trend and price is painting a fourth bearish candle today after reversing from the resistance trendline. As a result, Market cap of FTM crypto is down 17.18% overnight and reported at $513 Million.
Fantom price is hovering at a major demand zone amid recent major sell-off. In any case, digital crypto price fell below the level then it approached $0.15 level as the next support level.
Fantom is trading below the all important moving averages. But now the 20 day moving average (white) remains above the live price and acts as an immediate resistance area. For the time being, sellers will try to keep the crypto prices below this level. Furthermore, the RSI indicator fell dramatically from the overbought zone and slipped below the semi-line.
Conclusion
Fantom price is hovering in the key demand zone due to heavy selling. Buyers barely keep crypto prices above new 52-week lows. Below this area, the price may reach the $0.15 level as the next support level.
Support level – $0.20 and $0.150
Resistance level – $0.30 and $0.400
Disclaimer
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/11/09/fantom-price-prediction-ftm-hits-52-week-low-buyers-try-to-keep-price-above-this-zone/