Fantom (FTM) Price Plummets 5.51% as Bears Dominate the Market

Fantom (FTM) Price Plummets 5.51% as Bears Dominate the Market

Fantom (FTM) has seen its price drop sharply by 5.51%, with bears firmly in control. The cryptocurrency fell to a support level of $0.1976 after retracing from its recent peak of $0.2089. This decline reflects heightened selling pressure in the market.

Key Metrics Highlight Market Weakness

• Market Capitalization: $515 million, down 2.29% from previous data.
• Trading Volume: $67.47 million, marking a 2.07% increase.

These figures indicate a volatile market environment, with traders showing increased activity despite the price drop.

Technical Indicators Signal Further Decline

The MACD indicator shows a bearish crossover, with the blue line crossing below the signal line and entering negative territory. This suggests sustained downward momentum, encouraging traders to sell.

The Bollinger Bands have tightened, pointing to reduced volatility but increasing the likelihood of significant price movement. The price is approaching the lower band, signaling potential further declines as FTM becomes oversold.

The Relative Strength Index (RSI) is nearing oversold territory at 23.01, indicating weak buyer momentum and room for further price drops.

Moving Averages and Stochastic RSI Confirm Bearish Trend

The 5-day and 20-day Moving Averages have formed a bearish crossover, with the shorter MA below the longer MA. This pattern reinforces the downward trend.

The Stochastic RSI, at 50.63, is moving downward after crossing into overbought territory, signaling a potential price reversal.

Outlook for Fantom (FTM)

For bulls to regain control, they must overcome the current resistance level and drive prices higher. Until then, the bearish trend is likely to persist, with technical indicators aligning to support further declines.

Traders are advised to exercise caution and conduct thorough research before making any investment decisions.