Fantom (FTM) slides 12% as crypto markets bleed

FTM has additionally declined in opposition to Bitcoin and Ethereum, down by greater than 7% on each pairs.

Fantom’s FTM token has plunged greater than 12% in Friday night buying and selling and appears set for extra losses given the present bleeding within the crypto market.

FTM is about 21% down this week, with the downtrend taking its worth in opposition to the US greenback beneath $1.00.  Promoting strain has pushed the FTM/USD pair to intraday lows of $0.88, beneath the crucial help zone at $0.92 established in September.

This places the Fantom worth heading in the right direction for a possible retest of costs final seen in February 2021 if a recent draw back gathers momentum in direction of the following main help line at $0.80.

Fantom might dip to $0.47, says analyst

FTM traded at highs of $3.35 in January, however with the broader crypto market in a downtrend, the cryptocurrency has moved inside a declining parallel channel since. It examined highs of $1.68 on 2 April, the higher boundary of the channel.

Declines since have FTM/SUSD at the moment going through a retreat to the decrease trendline, with right now’s rot pushing it beneath the channel’s midline help.

In line with crypto dealer and technical analyst il Capo, bulls are unlikely to carry above the help line. He means that Fantom worth would possibly dip to new help at $0.47-$0.52.

Fantom might drop to $0.47

Evaluating FTM/USD chart outlook this week to that seen in February, he famous:

“As you’ll be able to see, there have been bounces in between, however the goal has been reached. I don’t suppose this degree will maintain for lengthy although. Important goal for FTM is $0.47-0.52.”

The analyst’s feedback got here earlier within the week, following Fantom’s retest of the $1.00 space.

the remainder of the market, complete market capitalization is down 4.1%, whereas Bitcoin and Ethereum have declined 4.5% and 5.3% respectively on the time of writing. BTC is buying and selling round $38,560 and Ether is attempting to carry the $2,800 help zone.