Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
- Bears nonetheless had leverage available in the market.
- However bulls might acquire extra affect in the event that they overcome a vital short-term promote strain zone.
Thus far, Fantom [FTM] has shed over 30% of its worth in February. The asset dropped from $0.66 to under half a greenback on the time of writing.
It was buying and selling at $0.4617 at press time however might goal this speedy assist if BTC fails to reclaim the $21.9K degree.
Learn Fantom [FTM] Worth Prediction 2023-24
The bulls have been blocked at a vital promote strain space on the decrease timeframe chart
FTM’s prolonged value correction discovered a gentle floor at $0.4182, enabling bulls to launch a value restoration. However the restoration try was shortlived after it hit a vital promote strain zone of $0.4797 – $0.4986 on the decrease timeframe chart.
Quick merchants selected to lock income at this zone, prompting one other value drop on the time of writing. Due to this fact, FTM might retest the speedy $0.4182 assist. Sellers might promote at slightly below $0.4583 and purchase again at $0.4182 to lock beneficial properties.
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Nonetheless, bulls might need to wait for getting alternatives at $0.4182 or $0.3961. It can enable them to focus on the short-term promote strain space.
Any lengthy positions concentrating on half-dollar worth must be taken if FTM closes above the promote strain space. However the impediment might persist if BTC fails to maneuver past $21.9K.
Notably, the Relative Power Index (RSI) rose however confronted rejection as OBV (On Steadiness Quantity) dipped. The inference from the above development is that purchasing strain was restricted, giving bears extra affect available in the market.
FTM’s sentiment improved barely
As per Santiment, FTM noticed a slight enchancment in buyers’ outlook as evidenced by a flip of the weighted sentiment to optimistic from damaging. It denotes a light bullish sentiment which might increase bulls’ transfer into the market.
Nonetheless, the demand for FTM within the derivatives market remained flat, as proven by the impartial Funding Charge.
As well as, FTM’s trade circulate steadiness was optimistic at press time, which means extra tokens moved into the exchanges. Such a spike is deemed a short-term promote strain, which might give bears extra leverage available in the market after hitting the promote strain zone on the decrease timeframe charts.