- Fantom price analysis is showing bearish traits today.
- FTM/USD is retracing after marking an all-time high at $2.62.
- Support is present at $2.43.
The Fantom price analysis shows the cryptocurrency is retracing after hitting the all-time high yesterday at $2.62. The price has been falling continuously from the start of today’s session. Fantom overall is in a full bullish swing, and the FTM price is still above the psychological mark of $2.5.
FTM/USD 1-day price chart: FTM price retraces back to $2.54
The 1-day price chart for the Fantom price analysis shows a decline in price as the FTM/USD has retraced back to $2.54 at the time of writing. The nearest support for FTM is present at $2.43. Overall the FTM/USD pair still shows a gain of 9.4 percent over the last 24 hours and reports a glorious 27 percent gain over the past week. Trading volume is up by 82 percent as Fantom recently marked a record high, resulting in the market dominance of 0.25 percent. The market cap has also increased by 10.2 percent.
The volatility is high for FTM/USD due to high oscillations observed in price over the past few days. The Bollinger bands are on an upwards breakout indicating good prospects for the coming days. The upper limit at $2.7 represents resistance for FTM, and the mean average at $2.1 represents the support.
The relative strength index (RSI) has taken a downturn today and is trading at index 64 in the upper half of the neutral zone. The RSI indicates the selling activity going on in the market.
Fantom price analysis: Recent developments and further technical indications
The 4-hour Fantom price analysis further confirms the downtrend, but the last candlestick is green, which shows signs of bullish efforts, as they are trying to stop further price slippage, and seems successful so far, as the price has started recovery.
The volatility on the 4-hour chart is also high, as the Bollinger bands started expanding yesterday and now, despite the correction going on currently, the indicator has taken an upwards breakout, which suggests the price of FTM to remain in the higher price envelope for the coming days. The RSI shows straightforward movement after dipping down to index 62. The RSI shows balanced buying and selling activity in the market.
Overall technical indicators are still bullish with a majority of 16, including the moving average, exponential moving average, MACD, and Momentum oscillators, and only one technical indicator is on the bearish side. However, nine technical indicators stand neutral and don’t favor any side of the market, including the RSI and the power oscillator.
Fantom price analysis: conclusion
The Fantom price analysis shows FTM price function is showing bearish colors in an overall highly bullish environment. Traders should expect the price to remain in a range of $2.45 to $2.58 for the next 24 hours. FTM/USD will continue to consolidate before making a further up move.
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