Fantom Worth Prediction: FTM Drops 8% To $0.48

Fantom value was buying and selling on the 200-four-hour SMA simply above $0.49 after dropping 8.53% up to now 24 hours. The bulls had been struggling to carry on to key help areas because the technical setup revealed that FTM was prone to additional losses to $0.41. Learn extra to search out out why that is the case.

Fantom Worth Wants To Maintain Above The SMAs To Keep away from Additional Losses

FTM efficiently accomplished a V-shaped restoration sample on February 23, however revenue reserving on the rally to $0.60 noticed the token embark on a correction. Since then, the DeFi token has recorded a sequence of decrease highs and decrease lows resulting in the looks of a descending parallel channel on the four-hour chart as proven under. 

A descending channel is often a bearish chart sample that initiatives a continued value drop so long as the asset continues to commerce throughout the confines of the technical formation. A breakout on the draw back is confirmed as soon as the worth slips under the decrease boundary of the channel.

For Fantom’s case, a four-hour candlestick slide under the decrease boundary of the channel at $$0.4813 would spell doom for the worth putting it on a free fall to the V-shape’s swing low at $0.4130. This may characterize a 13.88% decline from the present value. 

FTM/USD 4-Hour Chart

Fantom’s gloomy outlook was validated by the downward motion of the Shifting Common Convergence Divergence (MACD) indicator. The place of this trend-following indicator under the zero line within the detrimental area instructed that the market FTM’s market was nonetheless bearish. 

As well as, the Relative Power Index (RSI) was positioned within the detrimental area. The worth power at 36 strengthened the bears’ grip on the Fantom value.

Furthermore, regardless that the bulls had been in a position to push the worth from the present ranges, they might be met by stiff resistance on the upside. Notice that FTM traded under key help areas together with the 100 SMA and the 50 SMA at $0.5151 and $0.5361 respectively. 

A decisive shut above these SMAs would invalidate the bearish thesis with the following logical transfer being the $0.60 psychological degree or a return to the $0.65 equal highs. 

Options To FTM

Because the Fantom value struggles to carry above the 200 SMA, merchants may contemplate FGHT, the native token of the Combat Out ecosystem, which has been performing nicely in presale. 

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