- FTM/USD is down 7.83% prior to now 24 hours and 33% within the final seven days
- The crypto token sits on the help of $2.0 in a bearish market
- $1.50 is the following help stage if FTM/USD breaks beneath the consolidation zone
Fantom’s token FTM/USD has been on a robust rally since December 21, when all different cryptocurrencies have been experiencing main weaknesses. It rose from a low of round $1.35 on December 21 to a excessive of $3.37 on January 17.
Nevertheless, the token confronted bearish stress and has been dropping since then. On the present buying and selling of round $2.0, FTM/USD has dropped by greater than 7% prior to now 24 hours, extending losses within the week to not less than 33%.
FTM/USD technical evaluation – $2.0 is the established help
Wanting on the each day chart above, FTM/USD has retreated to the help of $2.0. It tried to rebound earlier than retesting the help once more in worth weak point that has engulfed the whole cryptocurrency trade. The general weak point has been linked to the upcoming coverage tightening by Fed aiming to tame the rising inflation.
Though FTM/USD is rebounding from the help, it nonetheless faces bearish stress, with the 9-day, 14-day, and 20-day offering resistance. A brief-term resistance additionally exists on the $2.39 stage and will constrain costs. We have to watch the shut of the candlestick on the each day chart to verify a pattern reversal or continuation.
Based mostly on the technical pointers, FTM/USD presents a shopping for alternative if the $2.0 stage holds. A worth motion sign such because the formation of a bullish pin bar on the help might sign a pattern reversal and take FTM/USD larger.
Nonetheless, FTM/USD might break beneath the help if crypto weak point continues. A break beneath the present stage would see the token declare the $1.5 zone, which is the following help.