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- Fantom seems to be in a downtrend as bears continue selling the altcoin near the bearish trend line.
- The change in trading volume was neutral over the past 24 hours, but the selling bears are looking aggressive for a selloff.
- The ADX indicator is forming a high-low on the daily price scale, which suggests a weak bearish trend.
Fantom Coin failed to outperform after retreating from a 30-day low. Although the bulls made a good effort towards the end of May, the altcoin will need to strengthen the bulls to break this bullish barrier as the price action makes a lower-high.
The FTM coin has been following its trendline below a falling trendline for the past 45 days. Meanwhile bears near this area are an important selling point. On the other hand, the bulls also defend themselves by keeping the asset price above the $0.20 mark to avoid another sharp decline.
The Fantom coin is down around 14% this week, while the coin is trading at the $0.24 mark at the time of writing.
Since June 13, trading volume has declined gradually with the volume balance indicator also managing its peak with a lower-high below the falling trendline (white). No doubt, there is a lack of volatility.
Thus, the market cap fell by 4.7% last night to reach $610 million as per CMC data. Furthermore, the Fantom coin with the bitcoin pair is trading up 2.6% in the red zone, at 0.00001263 satoshis. Similarly, the change in trading volume was neutral in the last 24 hours, but the selloff is looking aggressive for the sell-off.
Bearish momentum may stop at the support area
In the context of the daily price chart, the Stoch RSI has reversed from the overbought zone. Moreover, the ADX indicator is forming a high-low on the daily price scale, which suggests a weak bearish trend.
Conclusion
Further downside momentum can be expected from the current level of the Fantom coin towards the $0.20 low level. Also, technical indicators indicate a bearish trend.
Technical Levels
Resistance level- $0.50 and $1.0
Support level- $0.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
