Fantom (FTM) lost 45% over the past 10 days and 30% weekly, following the desertion of its two key developers. FTM is now trading 66% listed below its all-time high taped simply five months back.
FTM, which had actually been extremely strong throughout the current market retracement and even reached back to its ATH levels, experienced a considerable collapse as the news was released. As an outcome, the ongoing cost correction was heightened and turned into an extra 45% drop.
The Daily Chart
Technical Analysis by Grizzly
The cost of FTM has actually reached considerable horizontal assistance that decreased the cost collapse a bit. However worry and uncertainty in the crypto and conventional markets have avoided an unusual response in this location.
If the correction continues, the next substantial assistance lies at $0.95, which can hold the FTM rate in the mid-term for a possible rebound.
The MACD indication remains in the oversold area, and if the market variations do not increase from here, this structure might signal the completion of the extensive rate correction.
The 4-Hour Chart On the lower timeframe, the cost moves down inside a falling wedge. The bright side is that both the MACD and the RSI are in the oversold area and revealed a bullish divergence that may raise the case of a possible price rebound.
The first considerable difficulty for FTM is to break above the horizontal resistance at $1.5.
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