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- FTM falls beneath $0.216 and is probably going headed a lot decrease
- Spikes in alternate inflows counsel rising promoting strain
Fantom [FTM] has not proven a lot volatility over the previous two weeks. For essentially the most half, the worth bounced between the $0.218 and $0.23 ranges, which stood just below 5% aside. In a market used to far larger volatility, buying and selling FTM may not have been as fascinating not too long ago.
Right here’s AMBCrypto’s Worth Prediction for Fantom [FTM] in 2022
This modified when the worth dropped decisively beneath the assist stage of $0.216 a few days in the past. This got here at a time when Bitcoin slipped from $19.6k to $19k, however the remainder of the market noticed liquidations galore. Will the losses proceed for each Bitcoin and Fantom?
The short-term vary is damaged and shorting alternatives can come up
Supply: TradingView
The 12-hour chart confirmed a transparent downtrend for FTM in August and September. The previous three weeks noticed the worth kind a spread (white) between $0.238 and $0.216. The mid-point of this vary lay at $0.227, and has acted as resistance all through October.
Therefore, the development was clearly bearish and a commerce taken together with the development could be extra more likely to succeed. With Bitcoin barely holding on to the $19k assist as properly, the following week or two might see a pointy transfer downward for FTM.
Quick sellers can look to open a place if FTM retests the $0.216 stage, which have been the previous vary lows. A set of Fibonacci retracement and extension ranges (yellow) confirmed $0.1996, $0.181 and $1727 might function assist ranges, and can be utilized by brief sellers to take-profit.
The Relative Power index (RSI) on the 12-hour chart has been beneath impartial 50 since mid-August. The On-Steadiness Quantity (OBV) has additionally been in a downtrend over the previous month, to spotlight promoting quantity was larger than shopping for.
Change inflows and provide hinted at sturdy promoting
Supply: Santiment
The previous three months have been fairly rocky for FTM. The comparatively fast beneficial properties from July to August have been utterly retraced, and a downtrend was in full swing. This was a token that had been buying and selling above the $1 mark in April. Its outstanding losses within the months since then already highlighted simply how sturdy the sellers have been.
This truth was highlighted as soon as extra in late September. The alternate influx metric noticed a pointy spike. Correspondingly, the availability held by alternate addresses additionally shot up. This provide held has been on the rise over the previous two weeks. Subsequently, increasingly more sellers have been doubtless sending their tokens to exchanges to be able to money out.
