Fantom is a directed acyclic graph (DAG) smart contract software platform. It provides decentralized finance (Defi) services to developers through its own custom consensus algorithm. The team behind Fantom has vast experience, primarily in the area of full-stack blockchain technology. Furthermore, they set out to develop a smart contract platform that is a leader in scalability, decentralization, and security.
The Fantom Foundation oversees the Fantom product offerings initially established in 2018 with the debut of OPERA Fantom's main website scheduled for launch in December 2019.
Let us move ahead to read about Fantom technical analysis.
FTM coin price faces rejection above the horizontal level at $3 resulting in a free fall of 40% in the last week. The coin price breaks the $2.5 support level as it halts near the $2 support zone. The freshly forming daily candle of Fantom shows a retracement of 10% at press time.
Therefore, traders can expect a downfall below the support zone at $2 if the selling pressure increases.
The FTM coin price shows higher price rejection near the $2.40 mark, resulting in the long wick formation. Moreover, the increased fear in the crypto market might soon overpower the buyers at the $2 support zone.
Fantom coin prices fail to surpass the 50-day EMA and break below the 100-day EMA. However, the support from the 200-day EMA helps sustain the uptrend.
The Stochastic RSI Indicator represents solid buyers present at the $2 support zone with the bullish crossover of K and D lines. However, the lines are present in the oversold zone, reflecting solid selling pressure.
The MACD Indicator shows a sharp fall in the fast line after the bearish crossover with the slow line. The increasing distance between the lines and the rising bearish histogram indicates a boom in underlying bearishness.
The lagging indicators reflect a solid underlying bearishness going against the buyers at $2.
The recent fall in the FTM coin price with the start of a new daily candle reflects the bearish takeover. Therefore, traders can expect a downfall below the support zone at $2 by the day’s end.
If the Fantom buyers at $2 manage to withstand selling pressure, resistance at $2.5 and $3 might reinstate the bearish trend. However, the $2 fallout can find support at $1.85 and 200-day EMA.
At the time of writing, the technical widget by TradingView gives a "SELL" signal for the FTM coin.