Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Fantom had a bearish short-term momentum after posting strong gains throughout January. A pullback to $0.5 or deeper was possible. Fantom [FTM] saw a pullback of nearly 20% in the past three days. It […]
. A bullish BTC would aid the efforts of FTM’s bulls. Therefore, buyers of FTM can also watch out for a bearish move from BTC. Any drop below $22.3k could spook buyers and lead to a wave of selling.Source: FTM/USDT on TradingView
The four-hour market structure was bearish after the price fell beneath the $0.569 level of support and subsequently retested the same as resistance. To reflect this, the RSI dropped beneath neutral 50 to show bearish momentum was dominant. However, the OBV held on to the level of support marked on the charts.
In either scenario, a retest of the 61.8% or 78.6% retracement levels before a bullish market structure break on the four-hour chart would be ideal. This is what buyers can wait for a flip in the H4 structure to bullish. Following such a break, a move back up to $0.66 and $0.8 can be expected. However, it is very likely that on the way up, $0.6 would offer stern resistance.Source:The spot CVD has been dropping even though the price rallied hard.
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