Fantom Price Analysis: FTM Coin Trades Close to Buyers’ Hedge Zone
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- Fantom Coin registered a lower-high formation below the descending trend line.
- The weekly ADX is below the 20 zone of the daily price scale.
- FTM coin is trading above the upper band of the Bollinger Bands indicator.
Fantom price analysis shows sideways movement after a sharp decline. Subsequently, FTM coin moved in a wide horizontal support and resistance range at $0.42 and $0.24 over the past several weeks. With this wide selection, buyers will get rejected on every bounce. Thus, the coin is trading close to the support line.
At the time of writing, FTM Coin is trading at $0.246 against the USDT pair. Bears dominated the price of the altcoin last month, leading to a 16.8% drop in the coin. Later buyers struggled again this month, with the price down 9.86% year to date. Additionally, Fantom Coin is up just over 1.3% to 0.00001242 satoshis with the bitcoin pair.
The daily price trend is trading higher below the descending trend line (dashed blue line). Market capitalization rose 1.5% to $627 million in the last 24 hours. FTM coins are trading near the key $0.23-$0.20 support area.
The Average Directional Index (ADX) is showing sideways movement for Fantom Coin, well below the 20 level on the weekly chart. Moreover, the price of the altcoin may rise further, but buyers will have to collect more as the trading volumes have decreased in recent days.
What is the next step for FTM?
Bears continue to push the asset price downwards after the Bollinger Bands indicator slips below the middle band. Thus, coins tend to fluctuate just above the lower band of a particular indicator on a daily time frame. Additionally, the RSI indicator shows a sideways area above the oversold area.
Fantom Coin (FTM) is trading sideways near the lower band of the Bollinger Bands indicator. Bears dominate the FTM trend below the descending trendline despite the sideways trend.
Resistance level – $0.28 and $0.50
Support levels – $0.24 and $0.20
The views and opinions expressed by the author or any people named in this article are for information only and do not constitute financial, investment or other advice. Investing or trading in crypto-assets involves the risk of financial losses.