Fantom Keeps Close Eye On Possible 20% Slide This Month

Christian Encila

2 years ago

3 mins read

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Fantom (FTM) has been moving on a brisk bullish pace at a particular range for four months now following a sharp descent in May.

FTM price is up 2.21%
Token moving bullish but has slipped mid-range in the past couple of days
Bears poised to dominate, buying spree not advisable at this point

However, it seems the price has abated and moved below the range’s mid-point as seen in the past couple of days. FTM is now bracing for a potential 20% drop in the next few days.

September also looks generally bearish for Bitcoin as it ebbs and could go further down in the coming days. With Bitcoin slipping below its fail-safe range, Fantom is likely to follow through and shave off some value.

According to CoinMarketCap, FTM price is trading at $0.2519 or a spike of 2.21% as of press time.

FTM Shifting From Support To Resistance

On the daily chart, Fantom’s midpoint was spotted at $0.32 with its range going from $0.45 to $0.2. In August, FTM was seen to be slackening with level shifting from support to the resistance zone.

Evidently, the mid-point was also breached and the RSI also dropped below the 50-mark showing a bearish movement.

Chart: TradingView.com

On the hourly chart, it seems that FTM’s volatility has weakened. The price gripped the $0.28 key support zone as it jumped off the same level. At this point, the bulls look weakened with FTM drawing a huge candle tilted downwards.

Meanwhile, Fibonacci retracement levels are pegged at $0.256 and $0.261; respectively. The two levels were spotted right under the demand zone.

Bears Poised To Tighten Clutch

Notably, OBV has also nosedived showing the spike in selling volume. More so, RSI is also looking extremely bullish as its shoots above the 30 level.

The daily chart showed that hovering towards the $0.2 level provides a good buying opportunity.

It looks like a jump aiming at the $0.26 zone is possible. With that move, it would definitely be better to sell as opposed to buying. At this point, the bears are poised to dominate and it’s not advisable to go for a buying or shopping spree.

Fantom is a crypto network that boasts speedy payments, secure exchanges, and incredibly low gas fees that allow DApps on its network with the aid of smart contracts in executing transactions free from any middleman.

With Fantom, traders can freely exchange or convert tokens from other blockchains like Ethereum and vice versa.

Fantom’s native token FTM is used for paying gas fees when making transactions within the networks. Staking FTM allows you to earn roughly 13% annually in Fantom’s yield program.

FTM total market cap at $645 million on the daily chart | Source: TradingView.com
Featured image from DataDrivenInvestor, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.