Fantom is a fast, secure, and highly scalable blockchain network that facilitates the creation of innovative decentralized apps and digital assets. As per recent news, Singapore-based firm Hyperchain Capital is soon expected to invest $15 million in the Fantom ecosystem. The FTM price has been rallying after this announcement. FTM is the native token of this network and the technical analysis is as follows:
On April 24, 2021, FTM started trading at $0.31. On April 30, 2021, FTM closed at $0.74. Thus, in the past week, the FTM price skyrocketed by approximately 139%. In the last 24 hours, FTM has traded between $0.73-$0.82.
Day-Ahead and Tomorrow
Currently, FTM is trading at $0.76. The price has increased from the day’s opening price of $0.74. Thus, the market seems to be uptick.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price is likely to start declining.
The RSI indicator is at 39%. It has just rallied from the 30% mark. Hence, the selling pressures are high. Therefore, the RSI indicator is giving further credence to the price decline indicated by the MACD oscillator.
Besides, the OBV indicator has fallen steeply too. Hence, selling volumes are much higher than buying volumes. High selling activity will exert downward pressure on the FTM price.
In a nutshell, all three oscillators are showing bearish signals and hence the price is expected to start falling soon.
FTM Technical Analysis
Currently, the price is below the Fibonacci pivot point of $0.76. It is likely to fall below the first support level of $0.72 soon. By day end, if the bears remain strong, the price may fall below the subsequent support levels of $0.71 and $0.67, respectively.
The price has tested and fallen below the 38.2% FIB retracement level of $0.76. It is soon likely to fall below the 23.6% FIB retracement level of $0.75. Thus, as of now the price downtrend seems strong and is likely to continue till day end and tomorrow.