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Fantom is down 4.71% over the past day and 23.51% over the past week.
Token is currently being retraced within a consolidation
Breaking below support could open more sell trades
Fantom FTM/USD has been adversely affected by the bearish correction in cryptocurrencies. The token is down 4.71% over the past day with a weekly loss of 23.51%. FTM is currently trading at $0.2905. Despite the negative trend, Fantom is one of Ethereum’s competitors with strong fundamentals.
Fantom is a highly scalable independent decentralized project. Blockchain is suitable for decentralized applications and cryptocurrencies. Low transaction fees and high throughput of Fantom Opera make it one of the fastest-paced blockchains.
DeFi users, enterprise apps, and Ethereum virtual machine developers are now flocking to the network. FTM, which strengthens its staking and governance functions, has yet to reap the benefits of network growth. Tokens remain at the center of crypto volatility.
FTM lost a whopping 91% from its all-time high. The short-term technical outlook points to consolidation amid weak momentum.
Source: Trading View
According to the daily chart, FTM is locked in a consolidation pattern. The token trades at price levels between $0.2 and $0.42. The pattern has been maintained for about 4 months.
FTM is currently undergoing a retracement in bearish momentum. The 20-day and 50-day moving averages show resistance to the upside. The average of the two is a possible strengthening or resistance point if the trend reverses.
The RSI is now at 36, the lowest level since June. The FTM needs to overcome his $0.42 resistance level to turn bullish even though the indicator is approaching the oversold zone. In the opposite case, tokens may retest lower levels.
FTM is facing strong bearish momentum, with weekly losses of over 23%. Tokens remain integrated longer. If the $0.2 support level fails to hold, the token may trade lower.
