Fantom price analysis: How will this support level fuel up the FTM bulls? - BitcoinEthereumNews.com

EconomyFantom price analysis: How will this support level fuel up the FTM bulls？07/03/2022Bitcoin Ethereum News

• Fantom seems to be in a downtrend as bears continue selling the altcoin near the bearish trend line.

• The change in trading volume was neutral over the past 24 hours, but the selling bears are looking aggressive for a selloff.

• The ADX indicator is forming a high-low on the daily price scale, which suggests a weak bearish trend.

Fantom Coin failed to outperform after retreating from a 30-day low. Although the bulls made a good effort towards the end of May, the altcoin will need to strengthen the bulls to break this bullish barrier as the price action makes a lower-high.

The FTM coin has been following its trendline below a falling trendline for the past 45 days. Meanwhile bears near this area are an important selling point. On the other hand, the bulls also defend themselves by keeping the asset price above the $0.20 mark to avoid another sharp decline.

The Fantom coin is down around 14% this week, while the coin is trading at the $0.24 mark at the time of writing.

Source: FTM/USDT by tradingview

Since June 13, trading volume has declined gradually with the volume balance indicator also managing its peak with a lower-high below the falling trendline (white). No doubt, there is a lack of volatility.

Thus, the market cap fell by 4.7% last night to reach $610 million as per CMC data. Furthermore, the Fantom coin with the bitcoin pair is trading up 2.6% in the red zone, at 0.00001263 satoshis. Similarly, the change in trading volume was neutral in the last 24 hours, but the selloff is looking aggressive for the sell-off.

Bearish momentum may stop at the support areaSource: FTM/USDT by tradingview

In the context of the daily price chart, the Stoch RSI has reversed from the overbought zone. Moreover, the ADX indicator is forming a high-low on the daily price scale, which suggests a weak bearish trend.