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Fantom price analysis: Recent setback initiates price reduction below $2.03

Fantom price analysis Recent setback initiates price reduction below

TL;DR Breakdown

  • 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 is confirming a bearish trend for the day as more selling activity has been taking place for the past few days. Although the bulls tried to make a comeback amidst the bearish swing, the most recent price movement has been bearish. The price has decreased up to $2.04 because of the downward trend and further decline in FTM/USD value is to follow if the sellers remain persistent.

FTM/USD 1-day price chart: Cryptocurrency devalues up to $2.04 after rapid decline

The one-day Fantom price analysis is showing signs of a downtrend today as the price has undergone a major decline in the last 24-hours. The bears are leading the market once again as the past few days have yet again proved favorable for the bears. The price has leveled down to $2.04 as a result of the latest bearish trend. The moving average (MA) value is still quite higher i.e. $2.26 as the price underwent a significant decline in the past few weeks.

Fantom price analysis: Recent setback initiates price reduction below $2.03 1
FTM/USD 1-day price chart. Source: TradingView

The increasing volatility is indicating that the price is to follow further downtrends in the upcoming week as well. Furthermore, if we talk about the Bollinger Bands Indicator, then its upper value has now shifted to $3.17 whereas its lower value has changed to $1.902. The Relative Strength Index (RSI) score has dropped down to 40.39.

Fantom price analysis: FTM follows descending movement lowering price to $2.038

The bears have been dominating the price chart for the past few hours as more pressure from the sellers’ side has been observed. Although a minimal recovery was recorded in the earlier part of the day as well, the current situation is going in the favor of the bears. The price has moved down to $2.04 in the last four hours, as a strong bearish trend has been going on. The moving average value for FTM/USD is now touching the $2.133 mark.

Fantom price analysis: Recent setback initiates price reduction below $2.03 2
FTM/USD 4-hours price chart. Source: TradingView

The Bollinger band average in the four hours price chart has decreased up to $2.074. Whereas 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 taken a downturn in the last four hours and the score is now 41.71.

Fantom price analysis: Recent setback initiates price reduction below $2.03 3
FTM/USD technical indicators chart. Source: TradingView

A strong depreciation in FTM/USD market value has been observed over the period of the last few months. This is the reason why the technical indicators chart is giving out a selling indication for the cryptocurrency. A total of 11 indicators are on the selling position, while 10 indicators are on the neutral position and only five indicators are on the buying position.

The Moving Averages Indicator is showing favorable results for the sellers as well. We can see that nine indicators are standing on the selling mark, one indicator is on the neutral mark while five indicators are on the buying mark. The Oscillators are also giving a bearish indication and nine oscillators are on the neutral position, two indicators are on the selling position while zero indicators are on the buying position.

Fantom price analysis conclusion

The hourly, as well as daily Fantom price analysis, are going in the favor of the bears. A strong bearish trend has been dominating the market for a while, and a drop in cryptocurrency’s value has been observed today as well. The price is now $2.04 and is expected to move down to further lows if the current trend continues in the future.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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