- FTM/USD is down 7.83% in the past 24 hours and 33% in the last seven days
- The crypto token sits at the support of $2.0 in a bearish market
- $1.50 is the next support level if FTM/USD breaks below the consolidation zone
Fantom’s token FTM/USD has been on a strong rally since December 21, when all other cryptocurrencies were experiencing major weaknesses. It rose from a low of around $1.35 on December 21 to a high of $3.37 on January 17.
However, the token faced bearish pressure and has been dropping since then. At the current trading of around $2.0, FTM/USD has dropped by more than 7% in the past 24 hours, extending losses in the week to at least 33%.
FTM/USD technical analysis – $2.0 is the established support
Although FTM/USD is rebounding from the support, it still faces bearish pressure, with the 9-day, 14-day, and 20-day providing resistance. A short-term resistance also exists at the $2.39 level and could constrain prices. We need to watch the close of the candlestick on the daily chart to confirm a trend reversal or continuation.
Based on the technical pointers, FTM/USD presents a buying opportunity if the $2.0 level holds. A price action signal such as the formation of a bullish pin bar at the support could signal a trend reversal and take FTM/USD higher.
Nonetheless, FTM/USD could break below the support if crypto weakness continues. A break below the current level would see the token claim the $1.5 zone, which is the next support.
This post first appeared on: Coinjournal