- Fantom price keeps its head above $0.32, while the risk of more downside hangs in the balance.
- FTM price could still see some support at $0.30 though the road is open to $0.26.
- A nosedive move could bring FTM near the 2023 low.
Fantom (FTM) price is at risk of imploding after bears have been able to break a substantial support this week. Bulls have vacated the premises and are not expected to pop up any time soon. With these trading conditions, Fantom price is setting itself up for a free fall that could easily go as far as $0.26 and bear a 20% devaluation.
Fantom price inclined to drop another leg lower
Fantom price got sucker-punched in the past trading sessions with a 10% decline, and the pain is not over yet. With bulls running for the hills, it appears that bears are going in for the kill here. Even though the Relative Strength Index (RSI) is deeply oversold, bears have little to no resistance from bulls to take this sell-off to the next level.
FTM is thus ripe for being knocked out and hitting the canvas. That knockout move would be a 20% nosedive plunge to $0.26. Certainly, once $0.30 is taken out, it will be a smooth and quick drop to $0.26, possibly even within just one candle of nearing a new low for 2023.
FTM/USD 4H-chart
Upside moves could and would only come with some positive headlines from global markets. The big driver at the moment is the US debt ceiling debate, which is stuck in a stalemate. Should there be a deal, expect to see a flight into risk assets with FTM primed to head and break back above the important $0.36 level where the 200-day Simple Moving Average, the red descending trendline and the monthly S1 support level all fall in line with one another.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Who is Satoshi? Crypto lawyer sues DHS to reveal Satoshi Nakamoto's identity
Crypto attorney James Murphy, popularly known as "MetalLawMan", files a lawsuit against DHS to reveal Satoshi Nakamoto's identity. The lawsuit is based on Special Agent Rana Saoud's 2019 claim that the DHS had uncovered the creator of Bitcoin.
Binance to delist BADGER, BAL, 12 more tokens on April 16
Binance will delist 14 tokens on April 16 following a successful vote and standard delisting processes. TROY, SNT, and UFT top Binance’s first batch of the vote to delist results. Binance token delisting will impact futures, margin, loan and simple earn services.
Bitcoin Price Forecast: MicroStrategy’s SEC form 8-K filing hints at possible Bitcoin sales to meet financial obligations
Bitcoin price stabilizes around $80,000 on Tuesday after reaching a new year-to-date low of $74,508 the previous day. MicroStrategy’s SEC Form 8-K filing reports a loss of $5.91 billion, hinting at possible BTC sales to meet financial obligations.
Top 3 gainers Fartcoin, Hyperliquid and Telcoin: Asian session sparks tariff relief rally in meme coins and DeFi
The cryptocurrency market is experiencing a tariff relief rally, with altcoins like Fartcoin, Hyperliquid (HYPE) and Telcoin (TEL) bouncing back with double-digit gains. Fartcoin has jumped 28% in the past 24 hours, reaching $0.5801.
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market
Bitcoin (BTC) price remains under selling pressure and trades near $84,000 when writing on Friday after a rejection from a key resistance level earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.