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FTM Price Prediction: Bounce Back Toward 200-EMA At $1.66 On The Cards, Is downside over?

FTM price treads water on weekends as it moves sideways with no meaningful price action. The current price action suggests sellers look exhausted and look for some support. Fantom is the 29th largest cryptocurrency by market cap but it is comprised of a very compelling technology and a growing ecosystem.

  • FTM price trades with a modest gain on Saturday.
  • Expect more falls if the price breaks below the weekly close of $1.14.
  • Fantom fell 30% over the past week.

As of publication time, FTM/USD is trading at $1.20, up 0.53% for the day.

FTM price trades near long time support level

Source: Trading View

On the daily chart, the FTM price is hovering near the long-term support level with lesser volumes. FTM has dropped nearly 65% from January highs of $3.37.

FTM price could bounce back from the current levels as in the past it recorded a jump of 45% when retreated from a record high of $3.48 made on October 28.

On the same line, FTM prices will face many upside hurdles making an attempt to break the descending trend line in an effort to move higher.

The first immediate resistance is placed at the critical 200-EMA (Exponential Moving Average) at $1.66. Next, bulls will take out the 50-day EMA of $1.96.

A sustained buying pressure will attempt to close above the bearish slopping line with the target of $2.0. Next, market participants make an attempt to take out the horizontal $2.50 horizontal resistance line.

On the flip side, a daily close below the $1.20 will trigger a fresh round of selling in the asset. With more than average volume investors might revisit the lows of September 22 at $0.97.

Technical indicators:

RSI: The daily Relative Strength Index produces bullish divergence since February 23, which could result in a short term bounce back in price.

MACD: The Moving Average Convergence Divergence trades below the midline from January 24 with a negative bias.

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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