Fantom (FTM) Price Analysis: Bears Challenge $2.0000, More downside on the card!

By Rekha chauhan
January 24, 2022 Updated January 24, 2022
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FTM Price Analysis: Christmas Rally Shine Upon Fantom Coin

Fantom’s (FTM) price fails to capitalize on the previous day’s gain. However, FTM manages to hold the lows made on Sunday at $1.9495. The volumes also dip down to 8% at $1,714,449,297.At the time of writing, Fantom’s (FTM) price is trading at $2.0334, down 10.73%.

  • Fantom (FTM) price records 10% fall on Monday.
  • A decisive break below $2.0500 will continue the downside momentum.
  • FTM plunges more than 45% over the seven days.

Fantom (FTM) records ATHs in Total value Locked (TVL) – Defi

Defi Lama, an analyst platform reveals that Ehtereum rival Fantom (FTM) is setting new fundamental records amid price decline across the crypto markets. FTM hit a total of $10.51 billion locked in value, a meticulous rise of over 362,300% from its TVL of $2.90 million in April 2021.

Technically speaking, on the 4-hour chart, the Fantom (FTM) price opened higher but could not sustain the higher levels. It remains pressured near the 20 EMA (Exponential Moving Average) at $2.22. Furthermore, the momentum oscillator, the daily relative strength index (RSI) trades at 36 indicates bearish bias in the pair.

Source: Trading view

Fantom (FTM) price touched the low of $1.7700 on Saturday and recovered almost 33%. However, faces a strong upside barrier 20/50/100/200 EMA resistance confluence.

The above technical assumption can further be verified through the MACD (Moving Average Convergence Divergence), which trades below the bearish line. That highlights the possibility of $1.8000 if the price breaks below the session’s low.

On the other hand, the formation of the ‘reverse hammer is a bullish reversal pattern. This could be the sign of a technical bounce back in a period of continuous downfall. The price could first test the immediate resistance at the horizontal resistance level near $2.2004. Next, FTM could dare meet the 200-EMA at $2.3699.

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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