- Fantom price analysis is bearish for today following the market crash
- FTM/USDT pair hasn’t been able to reclaim $2.45 as support
- Minor resistance is present at $2.23, followed by a major one at $2.99
Fantom is a DeFi protocol that aims to solve issues related to smart contracts and, with the help of its governance token, FTM. However, according to our Fantom price analysis, the prices are bearish for today, falling off the bullish wagon on Nov 8.
Data from CoinmarketCap puts a 5.70% drop in the price of FTM as of 17:27 UTC combined with a 17.66% drop in trading volume ($593 million) followed by a 5.49% drop in market capitalization ($5.4 billion). However, on the other hand, the token is up by more than 110,000% from its all-time low from 2 years ago. FTM made an all-time high of $3.48 as October ended with bullish price momentum.
We are witnessing the second consecutive bearish candle on the weekly chart, which followed six consecutive bullish candles. According to the monthly chart, the FTM price analysis was bullish for October, with nearly rallying 137%. However, November seems to be a cool-off period for prices, as the prices are down by 24%.
Fantom price analysis using technical indicators on the daily chart
As per the Fantom price analysis through daily charts, the token has fallen below the 50-day Moving Average, which acted as the price support for a long time. The next major support is present at the 100-day Moving Average, which is still intact.
Furthermore, the prices broke out from the lower end of the Bollinger Bands, entering a downtrend on the daily chart. However, the weekly chart suggests that this is a cool-off period.
The RSI indicator shows that prices have entered the bearish region where the selling pressure is defeating the buying pressure. The gradient is negative, and lower prices are possible.
The MACD indicator is also bearish as the histogram is red and the signal line (orange) is traversing above the MACD line (blue).
The Fantom price analysis for today is bearish. This analysis is only for the short term. Fantom is a promising DeFi token, and given the explosion of decentralized finance and Metaverse, Fantom will continue its rally until the onset of the next Bitcoin bull cycle.