Fantom (FTM) is one of the biggest losers on today’s list of best-performing cryptocurrencies. This can be observed as the Fantom token has arrived second on the list after recording a price decline of 3.83%. Nevertheless, let’s take a closer look at the token below.
FTM Statistics:
Fantom Price: $0.7875
FTM Market Capitalization: 2.2B
Fantom Circulating Supply: 2.8B
FTM Total Supply: 3.17B
Fantom CoinMarketCap Rank: 57
Key Price Levels:
Resistance: $0.8000, $0.9000, $1.000
Support: $0.7000, $0.6000, $0.5000
Fantom Upside Retracement Sees a Setback
The FTM token daily market has been crashing since its price action breached the resistance at the $1.4000 price level around mid-December. However, the new year seemed to have brought a breach to that, given the appearance of the mentioned price candle, which has brought a significant upside recovery to the market but places prices just below the 100-day Moving Average (MA) lines.
A minor rejection can be noticed in that session, but the ongoing session arrived clearly in red and presented minimal downward retracement. Meanwhile, the Stochastic Relative Strength Index (RSI) lines still rise upwards from the oversold region.
FTM’s Minimal Downward Retracement Extends
Examining the Fantom token on a four-hour price chart revealed that the perceived downward rejection of price activity had occurred off a key technical landmark such as the 50-day MA lines. Ever since, the market has continued south, although with a reduced tempo.
Meanwhile, the Stochastic RSI lines can be seen now above the 80 mark and therefore in the overbought region of the indicator. However, the Stochastic RSI indicator has delivered a bearish crossover in the overbought region, but the lines of the indicator align to affirm that downward forces aren’t gaining ground very quickly. Therefore, traders can anticipate a continued upward retracement toward the $0.9000 price level.
