Relentless Selling Makes $2.59 An Attractive Price Destination

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Pes­simistic Fan­tom price pre­dic­tions have hit the mar­ket fol­low­ing two days of relent­less sell­ing. This fol­lows neg­a­tive sen­ti­ment in the cryp­to mar­ket, which has allowed for a deep­er cor­rec­tion than most would have imagined.

Fan­tom was one of the tokens which per­formed resilient­ly in Decem­ber 2021, recov­er­ing much of the ground it lost when the Omi­cron variant’s emer­gence spooked mar­kets glob­al­ly and led to the cryp­to down­turn. But despite the boom it is expe­ri­enc­ing in its DeFi prod­uct pen­e­tra­tion in the mar­ket, the sell­ing bug appears to have caught up with it and the token is show­ing signs of a correction. 

The FTM/USDT pair is down near­ly 18%, and it appears that the worst appears not to be over yet. 

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Fantom Price Prediction

The decline below the 3.0005 psy­cho­log­i­cal sup­port has opened the sell­ing flood­gates, which is dri­ving the price towards the 2.5968 sup­port. If the cor­rec­tive decline con­tin­ues below this price mark, 2.3172 becomes an addi­tion­al down­side target.

On the oth­er hand, recov­ery has to fol­low a bounce which breaks 3.0005 to the upside. This move will line up 3.1727 as a resis­tance tar­get, while clear­ance of the 16 Jan­u­ary low will allow the bulls to make a march towards the 28 Octo­ber high at 3.4816.

FTM/USDT: Daily Chart

Fol­low Eno on Twit­ter.

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