- The price has been lowered to $2.038.
- Fantom price analysis favors the bears.
- Support is still stable at $1.903.
The latest Fantom price analysis indicates that the day is becoming a bearish trend, as more selling activity has been observed for several days. Despite the fact that the bull’s attempt to come back during the downward swing, the most recent price movement has been bearish. The price has dropped by up to $2.04 due to the downswing, and additional FTM/USD depreciation is expected if sellers persist in their efforts.
The one-day Fantom price analysis indicates a downtrend today, with the price dropping by more than 7%. The bears are once again in control of the market, as the previous few days have yet again proved favorable for them. As a result of the most recent bearish trend, the value has leveled down to $2.04. The current moving average (MA) value is still considerably higher, at $2.26, even though the price has fallen by up to 23% over recent weeks.
By plotting the 100-day MA value, we can see that the levels work as crucial support during unfavorable market conditions. This is evident when we consider that despite falling below $1.903 (the 100-day moving average), the bulls were able to hold and even recover part of their losses in a relatively short period of time. Since then, the bears have made several attempts to push prices lower; however, each attempt was met with resistance around $1.988 and above. The current price movement indicates that if further price declines are below $2.048, it will be possible for the bearish trend to continue until such time when momentum shifts in favor of the bulls.
Fantom price analysis: FTM follows descending movement lowering the price to $2.038
The bulls have had control of the price chart for the last few hours as more selling pressure has been detected. Despite a modest recovery in the early part of the day, the present situation gradually goes against the bears. In recent four hours, FTM/USD’s moving average value has dropped to $2.134.
The Bollinger band average in the four hours price chart has decreased up to $2.074. The upper Bollinger band has now moved towards the $2.331 position, and the lower Bollinger band has moved to the $1.82 mark. The RSI curve has had a downturn in the last four hours, and the score is now 41.71.
The price has been downward since it reached $2.081 on May 15th, with significant selling activity registered in the lower time frames taking place for over 48 hours. After reaching the bear set target at $2.041, more selling pressure was observed towards the lower end of the range, with most traders likely closing their positions after amassing profits from early entry.
Looking at our short-term technical analysis via the 1-hour chart regions shows that the Bears have taken control of price action once again, as sellers pushed prices towards our newly established support area found around $1.869 (mentioned in today’s previous article). Support is expected to be seen here if sellers continue their downward momentum, thus creating another opportunity to buy into this market further on-wards.
Fantom price analysis: Conclusion
The market is currently trading at around $2.04, with prices still trading within our established support and resistance levels found at $1.903 and $2.081, respectively. A bearish bias has been identified once more, as prices are trending below the 20 days MA, with the 50 day SMA still above the 200 period SMA, which is also preferable for downswing continuation to occur.
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