FTM Price Analysis: Fantom in a downtrend as bears take charge

•FTM/USD is currently priced at $0.24 and has decreased by 5.81% over the past day 

•The trading volumes have increased by 10.62% over the past day 

•The technical indicators suggest a bearish outlook for the near term 

Short Term View: FTM bears stamp their authority in the market 

The Fantom price today is $0.246483 USD with a 24-hour trading volume of $189,221,526 USD. Fantom is down 5.81% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.3016 for the altcoin.

Fantom price action today shows a woeful effort on the part of the bulls as the bears have grabbed the eight ball and ran with it. The gains that FTM gained in the preceding week have been wiped up as a result, with the Fantom price currently transacting below the 20,50 SMA on the four hour chart after the bulls succumbed to the bearish pressure. This has given leeway to the FTM bears to potentially drag the prices even lower and target the support level placed at $0.20. On the other hand, the resistance level for the altcoin is placed at $0.30 should the bulls decide to make a comeback in the coming days and weeks. 

Long Term View for Fantom 

The technical indicators for Fantom suggest a gloomy outlook for the near term. The RSI is currently transacting at 54.14 and a move below the halfway mark could further incentivize the bears to sink the Fantom price. The green histograms are shown to be decreasing in size on the daily chart, all while the gap keeps reducing between the MACD and signal lines although they are still transacting in the positive territory.

Conclusion 

The technical indicators for Fantom paint a bearish image for the near term as the sellers have amped up the pressure on the altcoin. Hence, one can expect to continue falling in the days ahead.

Support: $0.22-$0.20

Resistance: $0.27-$0.30

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.