Fantom(FTM) Technical Analysis: FTM Price Feared To Plunge Another 10%

Key Takeaways

• The FTM price closed the previous day’s trade at $1.37 with a market capitalization of $3.41 billion and a circulating supply of 2.55B FTM 
• The asset is currently testing the crucial support levels, where-in the bearish momentum has geared up a little
• With a flip the asset may prevent further loss but the market sentiments are extremely bearish which possess the probability of dragging the price towards lower support

Fantom(FTM) Technical-Analysis for Today: 10 March 2022

The FTM price is swinging within range-bound levels for the past couple of days. Woefully, the asset broke down from the local support and plunged. However, only with a 5% drop, the asset manage to sustain the trembled situation with a consolidation. 

The asset may continue to accumulate for some more time to test the lower support close to $1.15 and ignite a notable rebound. The rebound may not be stronger as expected and hence the price may keep swinging in between $1.15 to $1.3 until the end of the day’s trade. 

Fantom(FTM) Technical Analysis at a Glance

Fantom price is manifesting huge possibilities of dropping to the lower support levels. The pattern displaying no significant rebound may prevent the asset from visiting these levels. And hence, despite the buyers’ jump in, the price may witness an interim relief but could continue to range towards the south.

Short-Term	The FTM price plunged hard and is accumulating close to the lower support. The consolidation may continue until the day’s close
Mid-Term	Price is swinging within a descending parallel channel without any possibilities of a flip or a breakout
Long-Term	Fantom price had formed a huge bearish pattern, hence may plunge hard towards the lower support close to $1 very soon

Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators	Value(1Hr / 1D)	Action (1Hr / 1D)
Relative Strength Index(RSI)	28.9 / 35.4	Sell / Sell
MACD(12,26)	-0.025 / -0.163	Sell / Sell
Average Directional Index(ADX)	44.46 / 23.6	Sell / Sell
Bull-Bear Power	-0.0806 / -0.44	Sell / Sell

Additional Read: Top Crypto News Today, 10 March 2022

Pivot Levels

Pivot Levels	Short-Term	Long-term
Moving Average(MA)-50	$1.35	$1.91
Moving Average(MA)-200	$1.59	$1.78
Resistance	$1.42	$1.83
Support	$1.16	$0.9708

Oscillators

Oscillators	Short-Term	Long-Term
Stochastic Oscillator	20.9	17.74
Ultimate Oscillator	31.4	30.33
Average True Range(ATR)	0.0202	0.1952
CCI	-109.6	-128.99

The Fantom price is extremely bearish in both the time frames indicating the possibilities of the lower support to be tested soon. Also, the strength is weakened, therefore no strong rebound may be expected. Moreover, the asset may not be pretty much volatile signifying the continuation of a descending consolidation. The immediate resistance is a little distant than the support. Hence a revisit to the lower support may be quite possible before a strong rebound. 

FTM /USDT Technical-Analysis for Short-Term

Source: Tradingview

• The Fantom price is still trading within a huge descending trend and testing the crucial lower support
• The buying volume has mounted tremendous pressure and hence a significant plunge below these levels may be fast approaching
• However, the price is currently utilizing all its resources to stop slicing through the levels which may be possible as the sellers remain passive at the moment
• If the asset manages to trend within the triangle until the day’s close, then a notable flip may be expected

FTM/USDT Technical Analysis for Long-Term

Source: Tradingview

• In the long-term, the FTM price is manifesting an extreme bearish trend as with a couple of rejections, the price has formed a double top pattern
• The double top or the ‘M-shaped’ pattern is a bearish indicator that drags the price down if failed to sustain at the neckline which is at $1.2 in this case
• If the price breaks through the neckline, it may lose the $1 mark and slide to the lower support at $0.94
• However, a strong rebound may not be expected now or then as the market sentiments are in favor of bears

Additional Read: Fantom Price Prediction

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