FTM has additionally declined towards Bitcoin and Ethereum, down by greater than 7% on each pairs.
Fantom’s FTM token has plunged greater than 12% in Friday night buying and selling and appears set for extra losses given the present bleeding within the crypto market.
FTM is about 21% down this week, with the downtrend taking its worth towards the US greenback under $1.00. Promoting strain has pushed the FTM/USD pair to intraday lows of $0.88, under the crucial assist zone at $0.92 established in September.
This places the Fantom value on target for a possible retest of costs final seen in February 2021 if a recent draw back gathers momentum in the direction of the following main assist line at $0.80.
Fantom may dip to $0.47, says analyst
FTM traded at highs of $3.35 in January, however with the broader crypto market in a downtrend, the cryptocurrency has moved inside a declining parallel channel since. It examined highs of $1.68 on 2 April, the higher boundary of the channel.
Declines since have FTM/SUSD presently dealing with a retreat to the decrease trendline, with at present’s rot pushing it under the channel’s midline assist.
In accordance with crypto dealer and technical analyst il Capo, bulls are unlikely to carry above the assist line. He means that Fantom value may dip to new assist at $0.47-$0.52.
Fantom may drop to $0.47 based on il Capo.
Evaluating FTM/USD chart outlook this week to that seen in February, he famous:
“As you’ll be able to see, there have been bounces in between, however the goal has been reached. I don’t suppose this degree will maintain for lengthy although. Fundamental goal for FTM is $0.47-0.52.”
The analyst’s feedback got here earlier within the week, following Fantom’s retest of the $1.00 space.
Taking a look at the remainder of the market, whole market capitalization is down 4.1%, whereas Bitcoin and Ethereum have declined 4.5% and 5.3% respectively on the time of writing. BTC is buying and selling round $38,560 and Ether is attempting to carry the $2,800 assist zone.