Fantom has hovered inside a value range since the early May sharp dip. The altcoin was yet to break this 4-month-old range. Meanwhile, the last ten days saw prices moving below the mentioned range’s lower boundary.
Also, Bitcoin exhibited bearishness on its price charts, and September seems primed for further plunges. A downward move in BTC will translate to losses for the alt market, welcoming declines in Fantom. That would see FTM exploring range lows.
Fantom 1Day Chart
The daily chart shows Fantom’s price range between $0.42 – $0.2. The area’s midpoint stood at $0.32. August sessions saw the alternative token flipping the zone to resistance from support on the 24hr chart. Meanwhile, FTM has endured downtrends on its shorter timeframes since early August.
Moreover, the dips saw the token breaching the mid-point support. That had the Relative Strength Index plunging below the 50-neutral. Such actions confirmed a growing bearish outlook. Also, the DMI had its ADX and –DI maintaining upsides beyond the 20 level. That also strengthened the downside trend.
Fantom 1Hr Timeframe
The one-hour chart confirmed reduced volatility within the last ten days. The price explored the support of $0.26 as it rebounded weakly from the same mark. Finally, the bulls were tired. The previous day’s sharp dip had FTM forming a massive downward candlestick. Analysts plotted FIB retracement zones. The 61.8% and 50% retracement marks were at $0.259 and $0.255.
The two zones were beneath the former demand territory on the price charts. The Relative Strength Index exhibited massive bearishness and swayed beyond the 30-level, though sellers remained visible. Also, the On-balance volume witnessed a sharp dip, highlighting escalated selling pressure during recent hours.
According to the daily chart, an FTM action towards $0.2 might present a lucrative ‘buy’ opportunity. Meantime, bearishness dominated the higher timeframe. Fantom can witness a rebound to $0.25 on the 1hr chart. Such actions would be safer for sellers than buyers.
Bears have confirmed their market dominance again, and FTM’s market structure didn’t encourage buying. The 0.236 extension market at $0.23 can offer take-profit opportunities on shorts from $0.25.
Editorial credit: Dennis Diatel / shutterstock.com
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