FTM has declined further against Bitcoin, Ethereum and Ethereum. This is a decrease of more than 7% for both pairs.
Fantom’s FTM token has plunged more than 12% in Friday evening trading and looks set for more losses given the current bleeding in the crypto market.
FTM is currently down by around 21%, and the downtrend has taken its value against US dollars below $1.00. FTM/USD has fallen to $0.88 intraday due to selling pressure, just below the support zone of $0.92 that was established in September.
If a new downside momentum gathers momentum towards $0.80, this puts the Fantom prices on track for a possible retest.
Analyst predicts Fantom could fall to $0.47
FTM traded at a high of $3.35 on January but the wider crypto market is in a downtrend and the cryptocurrency has been moving within a declining parallel channel ever since. It reached a high of $1.68 on April 2, the upper limit of the channel.
Declines since have FTM/SUSD currently facing a retreat to the lower trendline, with today’s rot pushing it below the channel’s midline support.
Technical analyst and crypto trader il Capo says that bulls will likely fall below the support line. He suggests Fantom prices could fall to new support between $0.47 and $0.52.
Fantom prices could fall to $0.47 according to il Capo.
He compares FTM/USD chart outlook for this week with February’s. noted:
“As you can see, there were bounces in between, but the target has been reached. I don’t think this level will hold for long though. Main target for FTM is $0.47-0.52.”
The analyst’s comments came earlier in the week, following Fantom’s retest of the $1.00 area.
The rest of the market has a 4.1% decline in total market capitalization, while Bitcoin and Ethereum have fallen 4.5% and 5.3%, respectively, at the time this article was written. BTC trades around $38,560 while Ether tries to maintain the $2,800 support area.