The Fantom(FTM) price has witnessed a steady fall of 83% over the past seven weeks, moving along the downward trendline.However, an increase in trading volume and 59% gain from the $0.27 support since last week tease the coin for a potential bull rally.In addition, the consolidation break and the recent accumulation zone give the FTM buyers an edge and an opportunity to kickstart a new rally.
Key points
– The FTM chart shows seven consecutive red candles in the weekly chart.
– The 20 DMA acts as a constant resistance to the FTM coin.
– The intraday trading volume in the Fantom coin is $615 Million, indicating a 95% gain.
Source-Tradingview
The https://coingape.com/another-fantom-hack-ftm-slumps-dex-attack/ price has witnessed a steady decline while breaking multiple support levels for the past seven weeks.Since then, the price has closely followed the dynamic resistance and tested the 20 DMA a few times.
The FTM price is finally taking a break around the $0.27 support with a significant increase in its trading volume, indicating traders’ interest in the coin.
In addition to the increase in the trading volume, the FTM price has also risen by 59%, where the coin currently trades at $0.43.This portrays a positive sentiment among the traders and enthusiasm among the buyers.
Furthermore, the consolidation phase and trading activity seen in the past week reflect signs of an accumulation zone and a potential breakout using the $0.27 crucial support.
A daily candle closing above the descending trendline may drive the price beyond the $1 mark.
Trending Stories
However, a bullish movement will struggle at descending trendline and the resistance offered by the 20 DMA.
Technical indicator
The FTM price moving between the Bollinger band indicator’s midline and lower band accentuate strong selling from traders.Moreover, a bullish breakout from the midline would offer the first sign of recovery.
The daily RSI slope showcased a significant rise following a bullish divergence.
Furthermore, the indicator slope escaped from the oversold region suggests the aggressive selling has stabilized.
– Resistance level- $0.41 and $0.64
– Support levels- $0.27 and $0.16
– [Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop]
– [Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility]
– [Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000]
– [Another Top Exchange To Delist Terra UST Over Collapse]
– [Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes]
– [Bitcoin Price: Key Metrics Show Surprising Insights]
– [After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying]
– [Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why]
– [Is Andre Cronje Back On Fantom? FTM Jumps 13%]
– [PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range]
– [FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline]
– [GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout]
– [Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?]
– [Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?]
– [SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long]
– [Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?]
– [Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?]
– [TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout]
– [KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS]
– [Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark].