Key Takeaways
- Fantom has dropped by greater than 30% over the previous two weeks.
- Purchase alerts are beginning to seem, suggesting FTM is oversold.
- Nonetheless, the Layer 1 token has but to interrupt by way of assist or resistance.
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Fantom seems to have stabilized after incurring important losses over the previous week. Though the Layer 1 token exhibits ambiguity, it presents two crucial value ranges to which buyers can concentrate with a purpose to anticipate a possible bullish or bearish breakout.
Fantom Continues to Consolidate
Fantom seems to have reached a crucial demand zone that might decide the place its value will go subsequent.
Layer 1 token FTM has seen its value decline by greater than 30% over the previous two weeks, going from a excessive of $1.68 on Apr. 2 to hitting a low of $1.10 on Apr. 11. Such a big correction seems to have put Fantom in oversold territory because the Tom DeMark (TD) Sequential indicator introduced a purchase sign on Apr. 13 on the day by day chart.
Nonetheless, the shortage of upward strain seen prior to now few days has not helped to validate the optimistic outlook.
The formation of a parallel channel on Fantom’s day by day chart seems to carry extra readability as a result of it exhibits two crucial value ranges to concentrate to: the sample’s center trendline at $1.04 and the higher boundary at $1.33 may outline the place FTM goes subsequent.
A sustained shut above resistance may lead to a 60% breakout to $2.15, whereas breaching the $1.04 assist stage can result in a correction to the channel’s decrease edge at $0.75.

Though the percentages seem to favor the bulls following the TD’s purchase sign, it will be preferable to attend for a decisive day by day shut outdoors of the $1.04-$1.33 value vary. Solely a breach of those crucial assist and resistance ranges will resolve the anomaly that Fantom presents.
It’s price noting that almost all cryptocurrencies out there, together with Fantom, stay extremely correlated to Bitcoin. Extra importantly, the flagship cryptocurrency is flashing a number of pink flags after whales enter a promoting spree. Warning is suggested across the present value ranges as a result of if BTC loses the $39,400 assist stage, it may carry the remainder of the market down with it.
Disclosure: On the time of writing, the creator of this piece owned BTC and ETH.