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Fantom Price Movement Suggests Plausible Stop-Loss Position

Fantom Price Movement Suggests Plausible Stop-Loss Position

  • Fantom (FTM) was not able to sustain its position above $0.25.
  • When looking at FTM’s 4-hour chart, a bearish bias is evident.
  • According to CoinMarketCap, FTM is currently worth $0.2179 after a 1.26% drop in price over the last 24 hours.

The fact that BTC has fallen below the $20k mark indicates that the sentiment in the market is still ‘very fearful’. This could have resulted in Fantom (FTM) not being able to sustain its position above $0.25, which then flipped the sentiment to bearish.

FTM/USDT 4-Hour Chart
FTM/USDT 4-Hour Chart Source: TradingView

When looking at FTM’s 4-hour chart, a bearish bias is evident, even though this was flipped a few days ago. The downtrend formed a lower high at $0.26, but the price was able to close just above this point. FTM was still, however, able to form higher lows which can be seen when looking at the rising trend line support.

This uptrend has since then disappeared as the low at $0.22 was broken.

FTM/USDT 1-Hour Chart
FTM/USDT 1-Hour Chart Source: TradingView

With regards to FTM’s 1-hour chart, the lows that the trend line touches are very clear, but over the last few hours, this support has been broken and the price of FTM has dropped lower than the higher low of the uptrend, leading to a market break.

FTM/USDT Technical Indicators
FTM/USDT Technical Indicators Source: TradingView

Fantom’s technical indicators show that the hourly RSI is currently below the neutral 50 and has been unsuccessful in climbing over the 60 mark. This means that buyers are lacking strength. The CMF is currently beneath -0.05, which highlights the flow of capital out of the market.

According to CoinMarketCap, FTM is currently worth $0.2179 after a 1.26% drop in price over the last 24 hours, and after reaching a high of $0.2271 over the same time period. Over the last week, FTM saw a 15.51% price decrease.

Investors looking to enter a short position can consider placing a stop-loss at the $0.25 level while the lows at the $0.2 level can be utilized to take profits.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.

How likely will Ethereum rebound at the $1000 – $1100 level?

Ethereum is forming support at around $1,000. The cryptocurrency price has been weakened by the waning DeFi and NFT sectors. Ethereum is yet to bottom as the price remains bearish. Ethereum ETH/USD has oscillated between the $1,000 to $1,100 level for almost three weeks. We do not consider the level/zone as established support. However, bulls::Listen

  • Ethereum is forming support at around $1,000.

  • The cryptocurrency price has been weakened by the waning DeFi and NFT sectors.

  • Ethereum is yet to bottom as the price remains bearish.

Ethereum ETH/USD has oscillated between the $1,000 to $1,100 level for almost three weeks. We do not consider the level/zone as established support. However, bulls resist further downside, and a potential reversal could occur. At the current price of $1,047, Ethereum has slightly recovered. This was after slipping below $1,000 in the third week of June.

Since topping $4,800 Ethereum in November 2021, Ethereum has failed to match the gains. Crypto weakness and waning interest in NFTs and DeFi have contributed to the decline. NFT sales are now at their one-year lows. The sales hit the lowest in the year in June. However, NFTs and DeFi remain popular market segments as the crypto sector booms. We believe it’s a matter of when and not if Ethereum will recover to its former self. Investors should be watching for price bottoms to take the price higher. The key question is, has Ethereum bottomed at the $1,000-$1,200 region?

Ethereum consolidates at $1,000 bottom, but the price is under pressure

Source – TradingView

Technically, we view $1,000-$1,100 as a potential zone for Ethereum. The cryptocurrency is establishing the zone as important support. However, technical indicators suggest that Ethereum could fall further. Although the MACD line moves above the moving averages, it is still yet to get out of the bear zone. Again, the 14-day and 21-day moving averages suggest a bear market. The confirmation of a rebound is if the price successfully moves above moving averages. The price surge must also coincide with an improved crypto sentiment.

The other likely bottom is the established support at around $750. With the current bear market, $750 is a very realistic bottom for Ethereum. The level will be reached if Ethereum breaks below $1,000. For now, there is no confirmed bottom for Ethereum, and the price could fall further.

Summary

Ethereum is bearish at developing support of $1,000-$ 1,100. The token is yet to become bullish, and the price could fall to $750.

The post How likely will Ethereum rebound at the $1000 – $1100 level? appeared first on CoinJournal.

Fantom Price Movement Suggests Plausible Stop-Loss Position

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