As a researcher, I’ve been closely monitoring the Fantom (FTM) price movements, and my personal analysis is that the altcoin is currently in a precarious position. After briefly reclaiming the $1 level, FTM was hit hard during the market crash and lost almost half of its value.
Back in March, Fantom (FTM) regained the $1 mark and optimism swirled that the token would climb up to $2. Yet, this forecast was made prior to the market downturn which caused prices to plummet, resulting in a near 50% loss for Fantom. Nevertheless, there’s still a possibility of a resurgence in bullish sentiment if specific prerequisites are fulfilled, according to some crypto analysts.
Fantom Searching For Support
Expert here: Crypto analyst MyCryptoParadise expressed their insights on Fantom’s price trend on TradingView. After experiencing a dip to $0.56, the altcoin has been seeking a floor for potential rebound. The analyst pointed out that this support level is drawing nearer for Fantom.
Currently, the crucial support level is located at $0.5679. Bulls must defend this level to validate a bullish market reversal. After encountering resistance at $0.79, holding above this level gains significance as FTM‘s price tries to regain momentum.
As a researcher studying cryptocurrency trends, I would note that if FTM manages to rebound from its current level and hold that ground, it could indicate the formation of a double bottom pattern. The resistance level around 0.798, marked by the neckline, may hinder further growth in this scenario.
As a crypto investor, I’m optimistic about the potential for significant price movement if we see a breakout. The first major resistance level to watch out for is at $1. If this level is breached, I expect the price to climb higher, potentially reaching as high as $1.2. However, it’s important to remember that trend confirmation is crucial before making any investment decisions.
FTM Could Break Down Further
From my perspective as a crypto analyst, while there’s potential for Fantom’s price to rise if it manages to hold above $0.56, there’s also a possibility for further downturn. If the altcoin fails to gain traction and instead falls below this support level, the bearish trend may persist.
In this scenario, the analyst anticipates that the bearish trend will persist, leading the price of FTM to dip below the $0.5 mark. The next level of support for FTM’s price is identified by the crypto expert at approximately $0.449, which represents a potential bullish oblique ascending support area.
As an analyst, I would express it this way: “Retaking the support at 0.568 is essential for FTM to preserve its bullish trajectory. If FTM doesn’t bounce back after hitting the Bullish OB level, that would suggest a break in the uptrend and a possible shift to bearish price action.”
At the moment, the Fantom price hovers above its support level at $0.6641. Yet, there’s been a 3% decrease in the last day, and over the past week, it has experienced a downturn of 10%.
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2024-05-04 03:22