Fantom Price Prediction: FTM Drops 8% To $0.48



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Fantom price was trading at the 200-four-hour SMA just above $0.49 after dropping 8.53% in the past 24 hours. The bulls were struggling to hold on to key support areas as the technical setup revealed that FTM was at risk of further losses to $0.41. Read more to find out why this is the case.

Fantom Price Needs To Hold Above The SMAs To Avoid Further Losses

FTM successfully completed a V-shaped recovery pattern on February 23, but profit booking on the rally to $0.60 saw the token embark on a correction. Since then, the DeFi token has recorded a series of lower highs and lower lows leading to the appearance of a descending parallel channel on the four-hour chart as shown below. 

A descending channel is usually a bearish chart pattern that projects a continued price drop as long as the asset continues to trade within the confines of the technical formation. A breakout on the downside is confirmed once the price slips below the lower boundary of the channel.

For Fantom’s case, a four-hour candlestick slide below the lower boundary of the channel at $$0.4813 would spell doom for the price placing it on a free fall to the V-shape’s swing low at $0.4130. This would represent a 13.88% decline from the current price. 

FTM/USD Four-Hour Chart

Fantom Price Chart - Feb 22/2023
TradingView Chart: FTM/USD

Fantom’s gloomy outlook was validated by the downward movement of the Moving Average Convergence Divergence (MACD) indicator. The position of this trend-following indicator below the zero line in the negative region suggested that the market FTM’s market was still bearish. 

In addition, the Relative Strength Index (RSI) was positioned in the negative region. The price strength at 36 reinforced the bears’ grip on the Fantom price.

Moreover, even though the bulls were able to push the price from the current levels, they would be met by stiff resistance on the upside. Note that FTM traded below key support areas including the 100 SMA and the 50 SMA at $0.5151 and $0.5361 respectively. 

A decisive close above these SMAs would invalidate the bearish thesis with the next logical move being the $0.60 psychological level or a return to the $0.65 equal highs. 

Alternatives To FTM

As the Fantom price struggles to hold above the 200 SMA, traders could consider FGHT, the native token of the Fight Out ecosystem, which has been performing well in presale. 

Fight Out is a move-to-earn (M2E) platform where users complete tasks that promote fitness and healthy living, earning rewards in return. Fight Out employs the M2E technology and utilizes an algorithm that tracks a user’s crucial data movement and effort, sleep, and diet. These are all geared towards developing a user’s profile fitness so that more customized training regimens can be provided.

The network’s FHGT token is currently in stage 2 of its presale with more than $4.5 million raised so far.

Visit Fight Out here to find out more on how you can participate in the ongoing presale.

Read More:

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