⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Fantom’s Falling Fortunes: FTM Price Plummets, Potential Rebound Ahead

Published 05/26/2023, 11:50 PM
Updated 05/27/2023, 12:15 AM
Fantom’s Falling Fortunes: FTM Price Plummets, Potential Rebound Ahead
FTM/USD
-

  • FTM experiences bear dominance and drop to a 30-day low.
  • Increased trading volume hints at FTM market activity.
  • An oversold FTM market signals a possible price reversal.

In the past 24 hours, Fantom (FTM) has seen a retracement, with bears dominating the market and lowering prices from a high of $0.3533 to a 30-day low of $0.321. This solid negative trend has persisted as of press time, resulting in a 5.68% drop to $0.3293.

The FTM’s market capitalization declined by 5.60% during the bear rally to $918,619,233, while the 24-hour trading volume increased by 280.76% to $252,655,464.

This rise implies a vast increase in trading activity, most likely driven by investors taking advantage of cheaper pricing to enter the market. However, whether this volume rise will last or is merely a fad remains to be seen.

FTM/USD 24-hour price chart (source: CoinMarketCap)

The Aroon down on the FTM/USD 4-hour price chart has moved above the Aroon up, with the former at 85.71% and the latter at 7.14%. This movement indicates that bears in the FTM market are gaining traction and may continue to drive prices down in the near term.

However, the stochastic RSI motion in the oversold range, with a reading of 11.71, shows that a possible reversal is on the horizon.

This movement and the increased trading volume suggest buyers are coming in to take advantage of the cheaper pricing.

FTM/USD chart (source: TradingView)

On the FTM/USD 4-hour price chart, the Keltner Channel bands are moving southward, with the upper, middle, and lower bands touching at $0.3648, $0.3482, and $0.3317, respectively.

Since the price movement has slipped below the bottom band, resulting in red candlesticks indicating that the market is oversold, traders may expect a price reversal.

The Relative Strength Index in the oversold range 23.48 verifies the oversold market state. This action warns traders to be cautious when taking short positions since the market may be ready for a rebound.

FTM/USD chart (source: TradingView)

In conclusion, FTM experiences a bearish trend with increased trading volume, indicating potential buying opportunities amid oversold conditions.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

The post Fantom’s Falling Fortunes: FTM Price Plummets, Potential Rebound Ahead appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.