Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
- FTM may proceed with its downtrend momentum.
- FTM recorded a decline in open pursuits within the futures market.
Fantom [FTM] supplied over 80% positive aspects after rallying from $0.1940 to a excessive of $0.3577. Nonetheless, the rally appeared to chill off after FTM confronted a value rejection at $0.3462.
At press time, FTM was buying and selling at $0.3203 with a chance of an extra downtrend if extra bears got here on board.
Learn Fantom [FTM] Worth Prediction 2023-24
The $0.3128 assist: Can it maintain?
Supply: FTM/USDT on TradingView
FTM’s 12-hour chart confirmed the Relative Power Index (RSI) had sharply dropped however was nonetheless within the overbought zone. This indicated a pointy decline in shopping for strain as holders bought off their holdings to lock in positive aspects.
Equally, the On Stability Quantity (OBV) exhibited a slight decline after a large uptrend just lately. It exhibits that buying and selling quantity dropped barely after bears moved in.
Provided that the overbought situation makes an asset ripe for pattern reversal, FTM’s present downtrend may proceed. This might see bears push it to retest the $0.3128 assist. However a break beneath the assist may very well be possible if the BTC uptrend additionally reverses within the subsequent few days.
Nonetheless, the downtrend momentum may very well be stored in verify by the 61.8% Fib stage of $0.2953. Due to this fact, $0.3128 and $0.2953 may very well be short-selling targets if the FTM downtrend picks tempo within the subsequent few days/weeks.
Alternatively, bulls may push FTM above $0.3462 if BTC is bullish, invalidating the above bearish bias. Such a transfer may enable bulls to focus on $0.3577.
FTM’s weighted sentiment was constructive, whereas open curiosity fell sharply
Supply: Santiment
FTM’s weighted sentiment was constructive at press time, exhibiting analysts had been nonetheless bullish on the asset. In addition to, the current uptrend noticed short-term holders make positive aspects, as evidenced by a constructive 30-day MVRV. However long-term holders incurred losses.
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Nonetheless, FTM’s open curiosity (OI) appeared to have peaked after a gradual rise because the starting of the 12 months. The OI declined in tandem with the worth, a probable present of confirmed pattern reversal as extra money flowed out of FTM’s futures market. This might point out that FTM might witness additional value drop.
Supply: Coinglass
The weighted sentiment confirmed a bullish outlook, whereas the futures market leaned in the direction of a bearish FTM. That’s a blended sign. Due to this fact, BTC’s value motion can supply buyers a extra correct prediction of FTM value motion.
As such, if BTC breaks beneath $20.15K, FTM may breach the $0.3462 assist and advance southwards to $0.2953. Nonetheless, BTC’s transfer past $21.23K may incentivize FTM bulls to beat the $0.3462 hurdle and retest its overhead resistance at $0.3577.
