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- 1 FTM marked a correction of more than 24% from the latest peak.
- 2 Fantom launched its first AI project to create images.
Fantom recently launched its first AI project, Fantoons, built with an aim to provide super-advanced text to image generation. Despite the successful launch, FTM price is facing significant market headwinds. The token has corrected nearly 25% since its recent peak, following the general market freefall that pulled the whole crypto market down. The chances of FTM oscillating in a range bound area are high in the short to medium term, depending on the general market sentiment. Influence of the general outlook of the crypto market may bring further agony.
View Down the Hill
FTM price corrected by nearly 25% since its recent peak, which began to fall after facing rejection at $0.5340. The trading volume suggests flourishing seller sentiments among the investors. The falling price may continue to nosedive if the selling pressure intensifies. The price action can opt for consolidation if the sellers are set off with emerging buyers due to new AI project.
The current price action occurs below the EMA ribbon except the 200-EMA, which can act as support if the fall extends. The Bollinger Bands diverge wide to reflect the highly volatile market of Fantom. The dipping OBV suggests an unfavorable price move marked by the recent drop.
The recent drop in FTM price caused the uptrend to transform into a bearish swing, which awaits further movement. Super Trends suggest the price may enter a consolidation phase after the plunge. The CCI moves sideways near the negative 120-range signifying a negative difference between the historical prices and FTM price at press time. The MACD undergoes a bearish divergence and records ascending seller bars in the region below the zero-histogram mark. The RSI drops below 40 mark, indicating increasing seller dominance.
In the Recent Hour
In the four hour time frame, Fantom is observed to be stretching the downtrend, and forming a volatile bear trend in Super Trends. The CCI drops to 170-range in the negative zone to mark a pessimistic variance in the present price and historical price of Fantom. The MACD forms a brief positive cross and records a contained buyer participation. The RSI oscillates near the floor range to reflect seller dominance in the market.
Conclusion
Fantom, in spite of a successful launch of Fantoons, its first AI project, plates into the general market freefall and marks a correction of nearly 25% since its recent peak. The trading volume reflects a seller influenced market which can further stretch the bearish momentum. The FTM price can enter the consolidation phase to set off the selling pressure in the market. The holders can rely on the support near $0.3360.
Technical levels
Support levels: $0.3360 and $0.1950
Resistance levels: $0.5340 and $0.6320
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
