Fantom (FTM), slides 12% as crypto market bleeds

FTM also fell against Bitcoin and Ethereum by more than 77%.

Fantom’s FTM token has plunged more than 12% in Friday evening trading and looks set for more losses given the current bleeding in the crypto market.

FTM is about 21% down this week, with the downtrend taking its value against the US dollar below $1.00. FTM/USD has fallen to $0. intraday due to selling pressure. 88, below the critical support zone at $0. 92 established in September.

This puts the Fantom price on course for a potential retest of prices last seen in February 2021 if a fresh downside gathers momentum towards the next major support line at $0.80.

Fantom may dip to $0. 47, says analyst

FTM traded as high as $3. 35 in January, but with the broader crypto market in a downtrend, the cryptocurrency has moved within a declining parallel channel since. It reached a high of $1. 68 on 2 April, the upper boundary of the channel.

Declines have since seen FTM/SUSD retreat to the lower trendline with today’s rot pushing the channel below its midline support.

According to il Capo (crypto trader, technical analyst), bulls are unlikely hold above the support level. He suggests that Fantom price might dip to new support at $0.47-$0.52.

Fantom could drop to $0. 47 according to il Capo.

Comparing FTM/USD chart outlook this week to that seen in February, he noted:

“ As you can see there were bounces between the goal and it, but it has been achieved. This level is unlikely to hold for very long. Main target for FTM is $0.47-0. 52.”

The analyst’s comments were made earlier in the week following Fantom’s retest of $1. 00 area.

Looking at the rest, the total market capitalization has fallen 4.1% while Bitcoin and Ethereum have dropped 4.5% and 5.3%, respectively, at the time this article was written. BTC is trading around $38,560 and Ether is trying to hold the $2,800 support zone.