- FTM experiences bear dominance and drop to a 30-day low.
- Increased trading volume hints at FTM market activity.
- An oversold FTM market signals a possible price reversal.
In the past 24 hours, Fantom (FTM) has seen a retracement, with bears dominating the market and lowering prices from a high of $0.3533 to a 30-day low of $0.321. This solid negative trend has persisted as of press time, resulting in a 5.68% drop to $0.3293.
The FTM’s market capitalization declined by 5.60% during the bear rally to $918,619,233, while the 24-hour trading volume increased by 280.76% to $252,655,464.
This rise implies a vast increase in trading activity, most likely driven by investors taking advantage of cheaper pricing to enter the market. However, whether this volume rise will last or is merely a fad remains to be seen.
FTM/USD 24-hour price chart (source: CoinMarketCap)
The Aroon down on the FTM/USD 4-hour price chart has moved above the Aroon up, with the former at 85.71% and the latter at 7.14%. This movement indicates that bears in the FTM market are gaining traction and may continue to drive prices down in the near term.
However, the stochastic RSI motion in the oversold range, with a reading of 11.71, shows that a possible reversal is on the horizon.
This movement and the increased trading volume suggest buyers are coming in to take advantage of the cheaper pricing.
FTM/USD chart (source: TradingView)
On the FTM/USD 4-hour price chart, the Keltner Channel bands are moving southward, with the upper, middle, and lower bands touching at $0.3648, $0.3482, and $0.3317, respectively.
Since the price movement has slipped below the bottom band, resulting in red candlesticks indicating that the market is oversold, traders may expect a price reversal.
The Relative Strength Index in the oversold range 23.48 verifies the oversold market state. This action warns traders to be cautious when taking short positions since the market may be ready for a rebound.
FTM/USD chart (source: TradingView)
In conclusion, FTM experiences a bearish trend with increased trading volume, indicating potential buying opportunities amid oversold conditions.
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