Fantom Price defends yearly lows; Is the Downfall halted in FTM?

• Fantom Price defended $0.2000 level and showed a minor recovery of 30%.
• The FTM Price struggles to climb above the 50 day EMA.
• Fantom Price Prediction suggests short term pull back is possible.

Fantom Price defended the yearly lows near $0.2000 levels and showed a minor recovery. However, the pull back rally does not seem reliable and FTM Price is lacking the momentum near to the EMAs. 

Fantom Price Prediction suggests a rise in the short term but it might face difficulty to sustain on higher levels. Well, buyers are trying their best to keep the price above the demand zone indicating that responsive buyers are available. 

FTM Price tried to climb above the 50 day EMA turned the short trend in the favor of bulls. Sadly, it faced rejection and prices again reversed down. Well the 200 day EMA and 50 day EMA both are sloping sideways denotes prices are expected to consolidate. 

For the past few months, Fantom Price is declining by forming lower low swings. It erodes the complete gains generated in 2023 and returns back to the yearly demand zone. 

Meanwhile, the EMAs displayed a death crossover which further raised concern for the long term investors. Fantom Price is trading at $0.2770 with an intraday decline of -0.36%. The 24 hour volume to market cap is 13.08%.

Will Fantom Price consolidate for base formation?

Fantom Price disappointed the expectation of the long term investors due to which fresh buyers seem to be reluctant to build long positions. The downfall in FTM Price halted near $0.2000 and buyers came forward to defend the demand zone. 

FTM crypto price tried to recover but it lost the positive momentum denote sellers are still dominating. If the buyers are able to break out of the $0.3000 hurdle then we may expect the recovery to continue. 

Presently, the prices seem to be facing rejection and returning back to the test’s previous lows. Well, the Fantom Price has corrected a lot and over overall market is mildly bullish. Therefore, the downside risk looks limited. The price might enter consolidation for base formation.

FTM Price consolidate in a weekly time frame

FTM Price is consolidating in the narrow range on the weekly time frame. The Prices will pick up the momentum only after breakout of $0.3000 hurdle. Else the prices are expected to spend some more time in consolidation. 

The MACD curve faced hurdle at zero line and generated a negative crossover. The histogram bar is also declining indicates mild bearishness. The RSI at 41 denotes weakness but if it enters oversold territory then pull back might gain momentum. 

Conclusion

Fantom Price Prediction suggests short term pull back rally is possible but the price will gain momentum only after $0.3000 breakout. 

FTM Price defends the yearly lows indicating buyers are active and downfall seems to be halted. If the prices began to consolidate in the narrow range then it might be a sign of base formation.

Technical levels

Resistance levels: $0.3500 and $0.5500

Support levels: $0.2000 and $0.1500

Disclaimer

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