- FTM is dependent on crossing $1.
- Fantom’s indicators are bearish and there is a lot of selling pressure.
A bear market is currently affecting the economy. Fantom [FTM]The token has registered a decline of double digits over the past few days.
The token was, at the time of press, in a period of consolidation. FTM price could be on the rise soon if there is a breakout.
Fantom has a new goal
FTM surged on March 16 but soon the trend reversed, neutralizing its gains. According to CoinMarketCapFTM has dropped by 10% in just the past 24 hours.
FTM traded at $0.7912, with a capitalization over $2.2 Billion.
People started talking about FTM because the price volatility for tokens increased. The Social Volume of FTM also increased.
FTM’s Weighed Sentiment has increased in spite of the decrease, showing that the bullish sentiment surrounding the token is dominant on the market.
The 16th March saw crypto analyst Ali post a message. tweet FTM price is in a period of consolidation. If the trend is to change, then the next FTM’s target could be set at $1.44.
AMBCrypto looked at FTM’s liquidation level to determine if there was any obstacle before the $1.44 target.
FTM is expected to have a very high rate of liquidation, around $1. Prices are often held back by high liquidations. FTM must therefore be able to cross over $1 without any obstacles.
Fantom faces problems
AMBCrypto’s analysis of Santiment’s data revealed some bearish metrics. FTM, for example, saw its Supply on Exchanges increase while it’s Supply Outside of Exchanges decreased.
It was evident that the pressure to sell tokens at time of publication was very high.
Top addresses sold FTM, but their supply fell slightly.
AMBCrypto also looked at Fantom’s chart for the day to determine which direction it would be heading. The MACD technical indicator indicated that a possible bearish crossover was possible.
FTM’s Relative strength index (RSI), which was also heading towards neutral at the time the report was released, showed a downward trend and a continuation of this downtrend.
You can read more about it here Fantom’s [FTM] Price Prediction 2024-25
Bollinger Bands on FTM showed that FTM price was higher than the simple moving average (20-day SMA) which could have been a major support level.
FTM’s potential to begin another bull run after touching support cannot be completely ruled out.
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Source: ambcrypto.com