Fantom (FTM) Faces Resistance: Will Price Hold to Prevent a 20% Decline?
Fantom (FTM) Hits Resistance - Can Price Prevent a 20% Drop?
Fantom price has noted a decline, but the altcoin is expected to observe further drawdown owing to this pattern and the investors' bearish moves.
Fantom Investors Pull Back
- The supply on exchanges noted a sharp uptick in the last 48 hours as the investors moved to sell their holdings.
- Over 13 million FTM was sold, bringing the total exchange holdings to 657 million FTM.
This is a clear sign of profit-taking, and this will potentially continue since FTM holders will attempt to secure their gains before Fantom price drops.
FTM Price Prediction: 20% Decline Ahead?
- The altcoin failed to breach the resistance of $1.12 and fell through the support of $1.03.
- A 20% drop would bring it to the base 3 level marked at $0.80, which is the likely outcome of the pattern.
Nevertheless, since the base 3 support range has been tested as resistance before, the Fantom price could test it as support. Bouncing off the upper limit of the support range at $0.88 would enable FTM to reclaim $1.03 as support. This would invalidate the bearish thesis and allow the cryptocurrency to attempt to breach $1.12 again.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.