FANTOM Price Analysis: Consolidating Price Calling Bulls to Support

  • The FTM price is trapped in a consolidating phase over the daily price chart and calling its bulls to rescue the coin.
  • The crypto asset is trading below the 20, 50, 100 and 200 daily moving average.
  • The FTM/BTC pair is at 0.00001245 BTC which is at a loss of 2.48%.

FTM price being less volatile these days has entered a parallel channel of resistance and support of $0.300 and $0.23 respectively over the daily price chart. The consolidating price is now supported by the bulls as they have gathered and now pumping the price to the upper arm of the parallel channel. If the situation continues we can hope for a successful breakout.

To register a breakout the coin needs to attract some more buyer or else the price may remain in the consolidating phase, as the bears will definitely interrupt this price pump. The volume is at a decline of 1% and is recovering. The price made a higher high of $0.26 in the intraday trading session.

The current price for one FTM coin is trading at $0.24 which is at a loss of 5.28% in its market capitalization in the last 24 hrs. The coin has a trading volume of 121 million which is at a loss of 0.89% in the 24 hrs trading session and a market cap of 631 million. The volume market cap ratio is 0.1928

Short-term Analysis

While analyzing the short term (4 hrs) graph for FTM we can observe that after a small gain the has again started rallying bearishly. This bearish rally can continue further and a breakdown can be expected as the technical indicators are in favor of the same.

The MACD indicator shows after shrinking of histograms the sellers are again dominating and the gap between the sellers signal line and buyers line is increasing. So this dominating is supporting a bearish rally.

The relative strength index supporting the above is approaching the oversold region. The RSI value for FTM is 32.

Conclusion

FTM price being less volatile these days has entered a parallel channel of resistance and support of $0.300 and $0.23 respectively over the daily price chart. To register a breakout the coin needs to attract some more buyer or else the price may remain in the consolidating phase. The short term analysis shows that the bears are again dominating after a small gain and they are preparing for a breakdown as indicated by the technical indicators.

Technical levels

Resistance levels: $0.30 and $0.38

Support levels: $0.23 and $0.20

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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