Fantom (FTM) Price Decline: What It Means for Investors
Fantom (FTM) price has experienced a significant decline of over 6% in the past 24 hours. This downward movement is likely to result in losses for investors, leaving FTM holders distraught. In this article, we will explore the reasons behind the price correction and its potential impact on FTM holders.
Fantom Price Correction
Fantom price had a remarkable run in the previous week, surging by more than 40% and surpassing the $1.00 mark to close at $1.11 on Wednesday. However, it seems that the recent peak of $1.11 will be the highest point of the rally as the cryptocurrency has already started to decline.
Currently, FTM is trading at $1.04, testing the local support level of $1.03. This downward trend is expected to continue as bullish sentiment fades away.
One indicator that reflects the recent rise in profits is the network’s realized profits and losses. This metric compares the last moved price of an asset with its current price to provide an estimate of market conditions.
According to this indicator, profits have been running high over the past week, indicating that profit-taking is likely to occur in the coming days as investors aim to secure their gains.
Furthermore, investor confidence in maintaining a bullish stance is currently low due to the overall bearish picture. Nearly 50% of all FTM holders are still experiencing losses. To avoid joining this group, investors who have made profits are likely to sell their holdings.
Considering these factors, it is evident that Fantom’s price will continue to decline further.
FTM Price Prediction: Key Support and Potential Correction
The current trading price of FTM at $1.04 is approaching a critical support level of $0.93. This level is significant because it aligns with the 50-day Exponential Moving Average (EMA).
If FTM falls below this support level, it would confirm short-term losses and could potentially lead to a low of $0.84. This would invalidate the bullish thesis and possibly push the altcoin down to $0.80.
In conclusion, the recent decline in Fantom’s price has implications for investors. The correction indicates potential losses for FTM holders, while profit-taking and bearish sentiment contribute to the downward trend. It remains to be seen how FTM will perform in the coming days, but investors should closely monitor key support levels and market conditions.
Hot Take: What’s Next for Fantom?
The recent price decline of Fantom (FTM) has raised concerns among investors. With a decrease of over 6% in the past 24 hours, FTM holders are facing potential losses. The correction comes after a period of significant gains, with FTM surpassing the $1.00 mark and closing at $1.11.
However, the bullish sentiment has faded, leading to a decline in FTM’s price. Profit-taking is expected as investors aim to secure their gains. Additionally, the overall bearish picture and the large number of FTM holders in losses contribute to the downward trend.
Looking ahead, FTM’s price is approaching a crucial support level of $0.93, which aligns with the 50-day EMA. Falling below this level could result in short-term losses and a potential drop to $0.84 or even $0.80.
It is essential for investors to closely monitor FTM’s performance and market conditions, as these factors will play a significant role in determining its future trajectory.
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