Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
Fantom has traded inside a variety for the reason that sharp drop in early Might. This four-month-old vary was but to be damaged. Previously ten days, the worth moved beneath the mid-point of the aforementioned vary.
Bitcoin additionally regarded bearish on the worth charts, and the month of September might see additional losses. Such a transfer downward for Bitcoin might see Fantom shed worth as properly, to succeed in its vary lows.
FTM- 1-Day Chart
On the every day timeframe, the vary (yellow) on the worth chart was from $0.42 to $0.2. Its mid-point sat at $0.32. In August, this stage was flipped from help to resistance on the every day timeframe. On shorter timeframes, FTM has been in a downtrend since early August.
On the similar time that the mid-point was damaged as help, the RSI additionally fell beneath the impartial 50 mark. This confirmed rising bearish sentiment. The DMI additionally noticed its ADX (yellow) and -DI (purple) proceed to ascend above the 20 mark. The inference was, as soon as once more, the strengthening of a downward development.
FTM- 1-Hour Chart
On the hourly chart, the previous ten days noticed the volatility scale back. The worth hugged the $0.26 help zone because it bounced weakly off the identical space. Ultimately, the bulls had been exhausted. The sharp drop of the day past noticed FTM create a big candle downward.
A set of Fibonacci retracement ranges (yellow) had been plotted. The 50% and 61.8% retracement ranges had been at $0.255 and $0.259. These two ranges had been just under the previous demand zone (purple field) on the charts.
The RSI was firmly bearish and clambered above the 30 mark, however the sellers nonetheless held sway. The OBV additionally noticed a pointy drop to focus on heightened promoting quantity in current hours.
Conclusion
The every day timeframe chart confirmed {that a} transfer to the $0.2 area might provide a lovely shopping for alternative. Within the meantime, the upper timeframe bias was southward.
On the hourly chart, a bounce towards the $0.25 space might materialize. Such a transfer could be safer to promote than to purchase. The bears have proven their dominance but once more, and the market construction didn’t encourage shopping for. The 23.6% extension stage at $0.23 can be utilized to take revenue on shorts from the $0.25 zone.