Fantom Keeps Close Eye On Possible 20% Slide This Month
08 Septembre 2022 - 01:21PM
NEWSBTC
Fantom (FTM) has been moving on a brisk bullish pace at a
particular range for four months now following a sharp descent in
May. FTM price is up 2.21% Token moving bullish but has slipped
mid-range in the past couple of days Bears poised to dominate,
buying spree not advisable at this point However, it seems the
price has abated and moved below the range’s mid-point as seen in
the past couple of days. FTM is now bracing for a potential 20%
drop in the next few days. September also looks generally bearish
for Bitcoin as it ebbs and could go further down in the coming
days. With Bitcoin slipping below its fail-safe range, Fantom is
likely to follow through and shave off some value. According to
CoinMarketCap, FTM price is trading at $0.2519 or a spike of 2.21%
as of press time. Related Reading: NEAR Price Could Drop To $3 If
This Bearish Pattern Continues FTM Shifting From Support To
Resistance On the daily chart, Fantom’s midpoint was spotted at
$0.32 with its range going from $0.45 to $0.2. In August, FTM was
seen to be slackening with level shifting from support to the
resistance zone. Evidently, the mid-point was also breached and the
RSI also dropped below the 50-mark showing a bearish movement.
Chart: TradingView.com On the hourly chart, it seems that FTM’s
volatility has weakened. The price gripped the $0.28 key support
zone as it jumped off the same level. At this point, the bulls look
weakened with FTM drawing a huge candle tilted downwards.
Meanwhile, Fibonacci retracement levels are pegged at $0.256 and
$0.261; respectively. The two levels were spotted right under the
demand zone. Bears Poised To Tighten Clutch Notably, OBV has also
nosedived showing the spike in selling volume. More so, RSI is also
looking extremely bullish as its shoots above the 30 level. The
daily chart showed that hovering towards the $0.2 level provides a
good buying opportunity. It looks like a jump aiming at the $0.26
zone is possible. With that move, it would definitely be better to
sell as opposed to buying. At this point, the bears are poised to
dominate and it’s not advisable to go for a buying or shopping
spree. Related Reading: Litecoin (LTC) Near-Term Route Could Be
Determined By This Factor Fantom is a crypto network that boasts
speedy payments, secure exchanges, and incredibly low gas fees that
allow DApps on its network with the aid of smart contracts in
executing transactions free from any middleman. With Fantom,
traders can freely exchange or convert tokens from other
blockchains like Ethereum and vice versa. Fantom’s native token FTM
is used for paying gas fees when making transactions within the
networks. Staking FTM allows you to earn roughly 13% annually in
Fantom’s yield program. FTM total market cap at $645 million on the
daily chart | Source: TradingView.com Featured image from
DataDrivenInvestor, chart from TradingView.com
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