Fantom Bear Market Struggle Continues; Will Price Break The Downtrend Jinx?
October 15 2022 - 8:40PM
NEWSBTC
FTM’s price struggles as a downtrend price movement continue.
FTM failed to breakout from its range channel as the price was
rejected into a downtrend price formation with more sell volume.
The price of FTM shows bearish signs as the price trades below the
50 and 200 Exponential Moving Averages (EMA). Fantom (FTM) price
movement has had a rough time as the price of Fantom (FTM) shows
little or no sign of price bouncing off from its downtrend price
formation against tether (USDT). The crypto market recently faced a
slight setback with Bitcoin’s (BTC) price dropping from $19,000 to
$18,100 as the Consumer Price Index (CPI) news indicated an
increase in inflation, which affects the price of BTC and altcoins.
(Data from Binance) Related Reading: Mango Madness: Exploiter Could
Walk Away With Unparalleled ~$50M Bug Bounty Fantom (FTM) Price
Analysis On The Weekly Chart Given the sharp decline in the crypto
market after the release of the CPI news, the market appeared to be
manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in
hours and then back up to a range high of $19,800 before rejection
back to $19,200. With the possibility of Bitcoin Dominance (BTC.D)
rising to a high of 45%, altcoins could suffer more if BTC
retraces. After dropping to a low of $0.22, the price of FTM
bounced off this region as price rallied to a high of $0.42, but
the price was soon met with more rejection to the weekly low. FTM
currently trades at $0.2 as the price faces resistance to breaking
higher; FTM needs to bounce off this region price has found itself
as price dropping lower could lead to more sell-off for holders as
there would be more panic for FTM price. FTM needs to breakout this
downtrend price formation for the price to have opportunities to
trend higher; if the price continues this way, we could see
retesting the region of $0.15. Weekly resistance for the price of
FTM – $0.25. Weekly support for the price of FTM – $0.15 Price
Analysis Of FTM On The Daily (1D) Chart The daily timeframe for the
price of FTM has been more of a struggle to avoid going lower than
breaking out of the downtrend. FTM’s price has since struggled
after failing to hold support. FTM’s price trades at $0.2 as the
price continues its movement below the 50 and 200 Exponential
Moving Average (EMA); the price of $0.5 and $0.24 corresponds to
the 200 and 50 EMA, acting as resistance for the price to break
higher. The current market is not favorable for FTM but
undoubtedly is one of the great crypto projects that would pick as
the market bounces from its downtrend movement. Daily resistance
for the price of FTM – $0.24-$0.35. Daily support for the price of
FTM – $0.2. Related Reading: Cosmos Detects Major System Weak Point
– Will ATOM Price Be In Trouble? Featured Image From zipmex, Charts
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