The FTM price is entering the water over the weekend as it moves sideways with no meaningful price action. The current price action suggests that sellers seem exhausted and looking for support. Fantom is the 29th largest cryptocurrency by market capitalization, but it consists of a very exciting technology and a growing ecosystem.
FTM price is trading at a modest gain on Saturday. Expect more declines as the price moves below the $1.14 weekly close. Fantom is down 30% in the past week.
As of publishing time, FTM/USD is trading at $1.20, up 0.53% for the day.
FTM Price Is Trading Near Long-Term Support Level
Source: Trade View
On the daily chart, FTM price is hovering near the long-term support level with smaller volumes. FTM is down nearly 65% from its January high of $3.37.
The FTM price could bounce back from current levels as it historically recorded a 45% jump as it pulled back from a record high of $3.48 on Oct. 28.
On the same line, FTM prices will face many upside hurdles attempting to break the bearish trendline in an attempt to move higher.
The first immediate resistance is placed at the critical 200-EMA (exponential moving average) at $1.66. Next, bulls will close out the 50-day EMA of $1.96.
Continuing buying pressure will try to close above the bearish shrinking line towards the USD 2.0 target. Next, market participants attempt to break out of the $2.50 horizontal resistance line.
On the other hand, a daily close below $1.20 will trigger another round of selling of the asset. With above-average volume, investors can revisit the September 22 lows at $0.97.
Technical indicators:
RSI: The daily Relative Strength Index has been producing bullish divergence since Feb 23, which could result in a short-term recovery in price.
MACD: The moving average convergence divergence is trading below the midline with a negative bias as of Jan. 24.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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This post FTM Price Prediction: Bounce Back To 200-EMA At $1.66 On The Charts, Is The Downside Over?
was published first on https://coingape.com/markets/ftm-price-prediction-heading-towards-seven-months-lows-near-0-90-is-more-pain-on-the-way/
