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One of the leading projects in the cryptocurrency world, Fantom (FTM), seems to be going through a tough period. The project, which analysts had high hopes for in the past, has experienced sharp declines. The declines over the last 30 days indicated a 13.04% drop. However, despite this drop, the emerging data shows that the end is not near for FTM.
Fantom Comments
As of the time of writing, FTM’s price is at the level of $0.4955. However, the Bulls And Bears indicator signals that FTM’s price may continue to trade around this region.
For Fantom (FTM), the Global In/Out of the Money (GIOM) serves as an important indicator and contributes to the strength of the predictions. The GIOM indicator shows that a large number of addresses are clustered at certain points. The graph below shows that 218 million FTM tokens were purchased by 11,500 addresses. These purchases were made at an average of $0.32, as reflected in the graph.
On the negative side, 39.44 million tokens were purchased by 2,920 addresses at an average price of $0.52. If FTM rises to $0.52, investors might decide to sell, impacting the price. On the other hand, if the $0.32 level is maintained, FTM could surpass $0.66 and move towards $0.99.
FTM Price Outlook
As of the time of writing, FTM continues to stay above the 23.6% Fibonacci level. If it can stay above this level, the optimism for the token’s rise may remain alive in the market.
Despite the existing potential for a rise, the Awesome Oscillator (AO) continues to depict a negative scenario. Briefly, the AO indicator reveals whether investors deciding on market movements are leaning towards a rise or a fall. This situation can also provide insights to investors looking to make new investments regarding market momentum.
As seen above, the negative outlook of the AO is thought to potentially have an adverse effect on the price. However, the existing green histogram bars indicate that the bulls are gaining strength over time. If a positive outlook forms, Fantom’s price could move towards $0.56, and if the 61.8% Fibonacci retracement level is surpassed, it could reach $0.67.
Nevertheless, if the bears gain strength, the momentum could turn negative. A scenario where FTM falls below $0.49 could be encountered by investors.
