Fantom price had a very low-key rally throughout the year 2020 and quickly ignited with a bull run since the beginning of 2021. During the first phase, the FTM price failed to hit the $1 milestone, yet during the second phase, it roared like a monster to hit levels close to $3.48. Currently undergoing an extreme plunge, the asset is expected to drop to the lower support levels, while a flip remains misty. No doubt a flip is the need of the hour currently, but a minor retracement may not help the price to halt the downtrend.
The Fantom price experienced the very first single largest plunge in its history, dropping more than 15% from the opening value. The asset did try to halt the downtrend with minor consolidation, but yet another gigantic fall began in the early trading hours that extracted another 15% at the press time. With the constant plunge, the asset is expected to revisit the lower support levels which are around $1.5 before deciding the next move.
|Short-Term||The price is strongly heading towards lower support levels, manifesting an extreme bearish trend|
|Mid-Term||The selling pressure had mounted and hence the price is expected to continue to deplete within a strong bearish trend|
|Long-Term||The FTM price is attempting hard to halt the downtrend and hence one can expect an interim relief, after which the bearish trend may carry on|
Additional Read: Daily Crypto News 22 January, 2022
|Technical Indicators||Value(1Hr / 1D)||Action(1Hr / 1D)|
|Relative Strength Index(RSI)||22.41 / 40.53||Oversold / Neutral|
|MACD(12,26)||-0.13 / 0.09||Sell / Sell|
|Average Directional Index(ADX)||56.79 / 25.34||Sell / Sell|
|Average True Range(ATR)(14)||0.09 / 0.36||High Volatility / Less Volatility|
|Bull-Bear Power(13)||-0.38 / -0.88||Sell / Sell|
The Fantom(FTM) price is extremely bearish in both the short-term & longer-time frames. The RSI has reached rock-bottom levels in the short term, where multiple attempts of a rebound have failed. Yet in the long term, the RSI is approaching the oversold levels.
On the other hand MACD in STF showcases a huge selling volume mounted while in the HTF, it just flashed a ‘sell’ signal. Yet the bears appear to have captured the market both in the short & long term as of now with the bull-bear power showcasing growing bearish strength.
The Average Directional Index(ADX) that determines the strength of the rally is pretty much negative, pointing to a huge bearish trend. While the Average True Range(ATR) which is a volatility indicator manifests high volatility in the short term, meaning the price may tend to fluctuate at the extreme. Yet in the long term, it’s less volatile.
Coming to the pivot levels, the price rejected the 200-day MA levels in the short term, a couple of days back, while currently, it also rejected the 50-day MA in the long term which was one of the strong support levels. After falling apart from the resistance levels, the asset may test both the support levels in the short-term as well as long-term any time from now.
Additional Read: Fantom Price Prediction
Fantom closed the previous year’s trade on a notable bullish note and further maintained an uptrend to hit the 2022 highs at $3.37. Further, the asset fell into a deep bearish well instantly which appears to be unstoppable at the press time. However, the trend line appears to be pretty close and hence the price is expected to hit the lower support at $1 piercing through the trend line during the weekend.
Source: Tradingview Date: 22-01-2022 Time: 1:30pm
The FTM price is drowning under a deep bearish well, where the bulls have no chance to enter the ring. The extreme conditions will continue until the day’s close, no doubt the buyers may jump in now and then, yet may not ignite a strong flip.
Moreover, the price may consolidate a little as after the Asian trade played their role in dragging the price down, with the beginning of the US trade, yet another huge red candle is expected to occur. And hence may record a pretty huge bearish weekend for the asset.
The Fantom price at the press time is $1.94 with a huge drop of nearly 22.95%. The trading volume has spiked more than 11% recording levels above $1 billion while the market cap has dropped more than 23%, still sitting firmly above $5 billion at the press time.
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