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- The Fantom crypto price has dropped below the major support level of $0.600.
- FTM price has dropped below the 200-day EMA and is likely to grab liquidity.
The FTM price has witnessed strong buying momentum since November, reaching a 52-week high. In March, the price approached the $1.20 mark and displayed profit booking. The Fantom price tried twice to sustain the $1.20 hurdle within 3 days, but investors preferred to book profit instead of holding.
Since mid-March, the Fantom price has been falling due to resistance from a trendline and has slipped below the major support level of $0.600. However, it seems like the price has defended the $0.500 hurdle and formed positive candlesticks for more than a week.
At press time, the Fantom crypto price traded at $0.559 with an intraday loss of 2.23%. The market capitalization is $1.67 Billion, and the 24-hour trading volume is $257.56 Million. The circulating supply is 2,803,634,836 FTM, while the total supply is 3,175,000,000 FTM.
Is a Significant Bounce Expected Further?
There are a few coins looking to go against the rest of the market…one is $FTM, great bounce, daily candle and solid setup overall: pic.twitter.com/3r9hp08hIU
— Crypto Rand (@crypto_rand) June 24, 2024
The current cryptocurrency market sentiment is bearish, but few coins are looking to go against the market, and FTM is one of them. A user on X indicates that the Fantom price is at the $0.500 hurdle and expects to bounce back soon.
Gas Monetization Quarterly Bonus Distribution
Announcing the latest #Fantom Gas Monetization quarterly bonus
— Fantom Foundation (@FantomFDN) June 24, 2024
We're distributing 55,000+ $FTM to the top 12 dApps on Opera that have generated the most gas.
Congratulations to these innovative projects for driving the most user engagement!https://t.co/Ivl1VPKMmf pic.twitter.com/WeNcPhIUCS
Based on a source from the Fantom Foundation on X, the Fanton Foundation is announcing the #Fantom Gas Monetization quarterly bonus. They are about to distribute 55,000+ FTM to the top 12 dApps on Opera that have generated the most gas.
FTM Price has Developed a Descending Triangle Pattern on a 1-D Timeframe
Over a daily time frame, the FTM price has formed a descending triangle pattern and triggered a breakdown. However, the price has gained bullish momentum and reached the 200-day EMA.
Fantom price is likely to grab the sellers below the major support level of $0.600 and is trying to exceed the 200-day EMA. Assuming the price surpasses the $0.600 level and is sustained, strong buying momentum can be expected due to liquidity.
On the other hand, if the Fantom price remains below the 200-day EMA, sellers might become confident and try to continue the bearish trend. During the bearish momentum, the price behavior might get disturbed between the $0.400 and $0.300 hurdle.
According to the technical indicators, the RSI is 41.75 and has generated a bullish crossover with the RSI-based moving average, which showcases a reversal forecast. The histograms have flipped to green, and MACD has developed a golden crossover with the Signal line.
Ultimately, The Fantom cryptocurrency has been experiencing fluctuations in its price, dropping below the major support level of $0.600. However, some indicators suggest a potential bounce back.
The Fantom Foundation’s announcement of the Gas Monetization quarterly bonus and the technical indicators such as the RSI and MACD indicate a reversal forecast. The price is currently testing the 200-day EMA, and a sustained break above $0.600 could lead to strong buying momentum.
Technical Levels
Fantom crypto price is expected to face resistance from the $0.750 and $1.00 levels. The FTM price may take support at the $0.530 and $0.350 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
