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Dalmas Ngetich
Apr 28, 2022
by Dalmas Ngetich

Fantom (FTM) Crashes Below Q1 2022 Lows, Sliding 40% From April 2022 Peaks

Fantom

Table of contents

  1. Past Performance of Fantom
    1. Fantom Technical Analysis
    2. What to Expect from FTM?
Fantom is bearish and trading below Q1 2022 lows, dumping 40% from April peaks. As FTM sellers double down, the coin may slide to $0.85 in a bear trend continuation pattern.

Past Performance of Fantom

Fantom is trading at around 2022 lows following sharp losses that forced the coin below Q1 2022 lows. Currently, FTM is down 40 percent from April 2022 highs and under significant liquidation pressure following the drawdown of April 26. As per the FTM layout in the daily chart, sellers are firmly in control.

Fantom Technical Analysis

Fantom FTM Daily Chart for April 28

FTM is within a bear breakout formation as per the development in the daily chart. Although there has been no confirmation of the April 26 bear breakout bar, the path of least resistance has been defined to be southwards. Thus far, the inability of bulls to reverse the losses of April 26 and float above the immediate resistance levels of around $1 and $1.05 is bearish. As such, traders may unload on every pullback inside the wide-ranging bear bar targeting $0.82—the 78.6 percent Fibonacci retracement level of the H2 2021 trade range. In the immediate term, losses below $0.961—or this week's low, may accelerate the FTM drawdown. Meanwhile, gains above $1.05 pumped by relatively high participation levels cancel this bear forecast.

What to Expect from FTM?

Fantom is bullish due to its vibrant DeFi ecosystem. However, the coin has broken below Q1 2022 lows at spot rates and may dump to crucial H2 2021 support levels.

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Fantom (FTM) Crashes Below Q1 2022 Lows, Sliding 40% From April 2022 Peaks
Dalmas Ngetich
Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.

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