FTM Price Plunges 12%, Approaching Key Support Level
phantom (FTM) The price has fallen by more than 12% in the past 24 hours as the network transitions to the new token Sonic. This sharp decline adds to FTM’s ongoing downward trend, with technical indicators such as the ADX highlighting growing bearish momentum.
At the same time, the number of whale wallets holding 1 million to 10 million FTM has steadily declined, reflecting the declining confidence of large investors. With FTM approaching key support at $0.84, traders are keeping a close eye on a possible drop below $0.64, or a rebound that could target resistance at $1.13 and above.
Fantom’s current downtrend is showing its strength
ADX (Average Directional Index) FTM It is currently at 39.94, up sharply from below 20 two days ago. This surge indicates that the strength of the current trend has increased significantly in the short term.
since FTM price Currently in a downtrend, the rise in ADX indicates that the bearish momentum is becoming more pronounced and prices may continue to face downward pressure in the short term.
ADX measures the strength of a trend, regardless of its direction, on a scale from 0 to 100. Values below 20 indicate a weak or directionless trend, values between 20 and 40 indicate a moderate trend, and values above 40 indicate a strong trend.
The downtrend is approaching strong levels as FTM’s ADX approaches 40, indicating continued selling pressure. In the short term, unless there is significant buying interest, FTM price Possibly facing a continued decline, traders are keeping a close eye on support levels for potential stability.
Whales are not accumulating FTM
The number of wallets holding between 1 million and 10 million FTM has dropped to 77, the lowest level since December 1. Tracking these wallets, often referred to as “whales,” is crucial as they can have a significant impact on the market due to the large amounts of funds they hold. The number of tokens they control.
Changes in the number of these wallets often reflect changes in the sentiment of major holders, which can precede significant price movements.
On December 6, the whale count reached a monthly high of 81 whales, but has been steadily declining since then without any major token sell-offs being observed.
This gradual decline suggests a lack of aggressive selling, but may indicate declining confidence among large holders. In the short term, this trend could signal potential weakness phantomas a decline in whale participation is often associated with lower buying support and potential price stagnation or further decline.
Fantom Price Forecast: Can FTM correct next by 33%?
phantom The current trading range is defined by support around $0.84 and resistance at $1.
If it fails to hold the $0.84 support, the price could drop significantly. The next key support level is $0.64, which could represent a 33% correction from current levels.
On the other hand, if FTM price A successful break above the $1 resistance could signal a shift in market sentiment, opening the way for a move toward $1.13.
If bullish momentum continues beyond this point, phantom speech A test of the next resistance at $1.32 is likely, signaling a strong recovery. A break above $1 and the uptrend sustained will largely depend on increased buying interest and a reversal of the current strong downtrend.
Disclaimer
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