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•The Fantom Price today is $2.08 and the altcoin is up 0.98% in the past 24 hours
•The trading volume has seen a significant decrease of 27.43%
•The MACD and RSI suggest a neutral outlook towards the cryptocurrency
SHORT TERM VIEW
The live Fantom price today is $2.08 USD with a 24-hour trading volume of $667,339,733 USD. Fantom is up by just a fraction (0.98%) in the last 24 hours. The Trading Volume activity has seen a significant reduction in the past 24 hours even as the Volume to Market Cap ratio stands at 0.1263.
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The coin is trading a notch below its all-time of $3.48, which it reached on Oct 28, 2021 as the coin has been showing bearish momentum for a while now. The coin is currently trading above the 20 SMA on the 4-hour chart, although it is still trailing the 50 SMA. This can be construed as a neutral signal as the coin is yet to catch the eye of the bulls.
The bulls haven’t been able to ward off the bears completely and the altcoin is likely to see sideways movement for a while. The coin has to break the crucial resistance at $2.36, from which it has experienced rejection many times. The coin is likely to find support at $1.8.
LONG TERM VIEW
In what can be considered as a neutral signal, the coin is displaying an RSI of 42.86 which means it is neither in overbought nor oversold territory.
The MACD further reiterates the point as it is still trailing the signal line after the bearish crossover that happened on 19 January. The MACD stands at -0.1170. The histograms are steadily rising with lower troughs which suggests that the bearish momentum is weakening as the bulls try to take over.
CONCLUSION
The altcoin has been trending sideways for a while now and we can expect the same pattern to play out in the coming days. The buying pressure has been suppressed in the market ever since the pullback, and it would take a period of consolidation for Fantom to break out of this trend and surge towards a new rally.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
