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- During the decline, Fantom Coin is following a descending parallel channel on the daily price chart.
- The bulls barely try to recover, but this is not enough force to remove the selling pressure.
- The Fantom coin belonging to the bitcoin pair is trading at 0.00001232 satoshis, up 12.6% over the past 24 hours.
As the cryptocurrency went below the support trendline at $0.03, Fantom (FTM) traders concluded a prior bear phase within a falling channel. However, in reaction to the price pattern, the cryptocurrency rebounded from this trendline with the morning star candle. It is possible to witness a positive breakout from the $0.04 barrier level.
At the time of writing, the Fantom coin is trading at the $0.3686 mark and is down 45% this week. FTM Coin noted a solid weekly candle since the beginning of April. But on shorter time frames, such as the daily and hourly, the bulls are barely defending the weekly low as an important support level.
Despite the recovery, FTM investors are seeing a bearish weekend. But on the other hand, the market cap increased by 14.9% to $938 million in the last 24 hours according to CMC. Moreover, the Fantom coin belonging to the bitcoin pair is trading at 0.00001232 satoshis, up 12.6% over the past 24 hours.
This week is highly volatile for crypto traders, therefore, the trading volume reached its peak in 2022. However, trading volume fell by almost 29% compared to the previous night.
Fantom in its daily price graph
The bulls are preparing to move the FTM coin price towards the semi-line (20 day MA) of the Bollinger Bands indicator.
Conversely, the daily RSI indicator is trading sideways in the oversold area despite a bullish trend.
Furthermore, the ADX is at its peak in 2022, which suggests a highly impacted market that has been sunk by the bears.
conclusion
There is no doubt that the bulls are trying to push the price of Fantom higher, but the trading volume is not enough for that. They should hold it firmly above the weekly high and key support levels.
Resistance level- $0.50 and $1.0
Support level- $0.24 and $0.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
