© Reuters. Fantom price action indicates a reasonable stop loss
- Fantom (FTM) failed to hold its position above $0.25.
- Looking at the 4 hour chart of the FTM, there appears to be a clear bearish bias.
- According to CoinMarketCap, the FTM is currently valued at $0.2179 after a 1.26% price drop in the last 24 hours.
The fact that Bitcoin dropped below $20,000 indicates that the market sentiment remains “very scary.” This could have prevented Fantom (FTM) from maintaining its position above $0.25 which then turned the sentiment to the downside.
4-hour chart FTM / USDT Source: TradingView
Looking at the 4-hour chart of the FTM, there appears to be a clear bearish bias, although it reversed a few days ago. The downtrend formed a lower high at $0.26 but the price was able to close just above that point. However, the FTM was still able to form higher lows as evidenced by the uptrend line support.
This upside has since disappeared when the bottom was broken at $0.22.
FTM/USDT 1-hour chart Source: TradingView
On the hourly chart of FTM, the lows touching the trend line are very visible, but in the past few hours this support has been broken and the FTM price has fallen below the higher low of the uptrend, breaking the market.
Technical Indicators FTM / USDT Source: TradingView
Fantom technical indicators show that the hourly RSI is currently below the neutral level 50 and failed to break above the 60 level. This means that the buyers lack strength. The CMF is currently below -0.05, which confirms the outflow of capital from the market.
According to CoinMarketCap, the FTM is currently valued at $0.2179 after the price fell 1.26% in the past 24 hours, reaching a high of $0.2271 during the same period. Over the past week, FTM has seen its price drop by 15.51%.
Investors looking to sell can consider placing a stop loss at $0.25, while the lowest levels at $0.2 can be used to take profit.
Disclaimer: The opinions and opinions expressed in this article are solely those of the author and do not necessarily reflect those of CQ. Nothing in this article should be construed as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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