The EMAs are behaving as dynamic support and resistance levels, with sellers clearly dominating the market. Fantom is a platform that offers a DAG smart contract platform to provide DeFi services using its unique consensus algorithm, Lachesis. The platform aims to address issues related to smart contract platforms, particularly transaction speed, which developers claim to have reduced to less than two seconds.
Fantom is a Layer-1 blockchain that utilizes the Lachesis consensus mechanism to support DeFi and smart contract-based services. This mechanism delivers higher throughput and two-second transaction finality, along with enhanced security compared to traditional PoS algorithm-based platforms.
The Fantom price chart on a daily time frame shows that the price of FTM is in a downtrend, exhibiting lower highs and lower lows structures. The price is currently below the 20 and 50-Day EMAs, acting as dynamic support and resistance levels, suggesting strong selling pressure. The price has been in a downward parallel channel since late December 2023, and last week recorded a 7.34% drop, indicating a significant downward trend.
The current FTM price is $0.392550, with a 24-hour intraday volume of 95.829 million. If the price breaks below the immediate support level, it could fall further to $0.30000 and potentially down to $0.20000. On the other hand, if the price reverses the trend and breaks above the EMAs, it could rise to $0.48500.
The MACD is showing a bearish cross, and the RSI is below 50, indicating bearish weakness. Therefore, caution is advised in trading or investing in FTM.
In summary, the FTM price is currently below the 20 and 50-Day EMAs and is exhibiting bearish characteristics. If the price breaks below the immediate support level, it could further decline to $0.30000. Conversely, breaking above the EMAs could lead to a rise to $0.48500.
Disclaimer: The views and opinions expressed in this article are for informational purposes, and do not constitute investment or financial advice. Trading or investing in cryptocurrency assets carries a risk of financial loss.
Technical Levels:
Support Levels: $0.30000
Resistance Levels: $0.48500
Author:
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with reputable media firms focusing on general news and has become a passionate advocate for cryptocurrency, Web3, NFTs, and digital assets. She is committed to delving deeper into these concepts and is a strong advocate for women in STEM.
