Fake slides are in a three-week range, and this is what traders can expect

Disclaimer: The information provided does not constitute financial, investment, trading or other types of advice and is the opinion of the author only.

  • FTM drops below $0.216 and is likely on its way to much lower
  • Peaks in exchange inflows indicate high selling pressure

ghost [FTM] It hasn’t shown much volatility in the past two weeks. For the most part, the price bounced between $0.218 and $0.23, which was just under 5%. In a market accustomed to much greater volatility, FTM trading may not have been very interesting lately.

This is the AMBCrypto price prediction for Fantom [FTM] 2022

This changed when the price fell sharply below the $0.216 support two days ago. This came at a time when Bitcoin fell from $19.6K to $19K, but the rest of the market saw ample liquidations. Will the losses for Bitcoin and Fantom continue?

The short-term range is broken and short-term opportunities may arise

Source: TradingView

The 12-hour chart showed a clear downtrend for FTM in August and September. Over the past three weeks, the price formed a (white) range between $0.238 and $0.216. The midpoint of this range was at $0.227 and acted as resistance throughout the month of October.

Therefore, the trend was clearly bearish and a trade made along with the trend is likely to succeed. With Bitcoin barely holding the $19K support as well, the next week or two could see a sharp downward move for the FTM.

Short sellers may look to open a position if the FTM retests the $0.216 level, which was the previous low. A combination of Fibonacci retracement and extension levels (in yellow) showed that $0.1996, $0.181 and $1,727 can act as support levels, and short sellers can use them to take profits.

The Relative Strength Index (RSI) on the 12-hour chart has been below the neutral 50 level since mid-August. Volume on Balance (OBV) has also been in a downtrend over the past month, indicating that the volume of selling was greater than the buying.

Currency flows and supply indicate strong selling

Amazing shots at three-week intervals, here's what to expect

Source: feeling

The past three months have been very difficult for the FTM. The relatively rapid increases from July to August have fully resumed and the downtrend is in full swing. This was a symbol that traded above the $1 mark in April. His notable losses in the months since then showed just how strong the sellers are.

This fact was confirmed again at the end of September. The exchange flow meter experienced a sharp peak. In turn, the supply of exchange addresses also increased. This offer has increased over the past two weeks. Therefore, more and more sellers are likely to send their tokens to exchanges for withdrawal.

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