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Fantom (FTM) slips 12% as crypto market bleeds

 


FTM is also down against Bitcoin and Ethereum, down more than 7% on both pairs.


Fantom's FTM token is down more than 12% in trading on Friday night and is likely to see more losses given the current bleeding in the crypto market.


FTM is down about 21% this week, with the downtrend taking its value below $1.00 against the USD. Selling pressure has pushed the FTM/USD pair to intraday lows of $0.88, below the critical $0.92 support zone established in September.


This puts Fantom price on course for a possible retest of prices last seen in February 2021 if fresh downside gains momentum towards the next major support line at $0.80.


Fantom could fall to $0.47, analyst says

FTM traded highs of $3.35 in January, but with the broader crypto market in a downtrend, the cryptocurrency has moved in a parallel bearish channel since then. It tested highs of $1.68, the upper border of the channel, on April 2nd.


Since then, FTM/USD has retreated to the lower trendline, with today's downside pushing the price below the channel's middle support.


According to crypto trader and technical analyst il Capo, bulls are unlikely to sustain above the support line. He forecasts that Fantom price could drop to new support at $0.47-0.52.


Fantom could drop to $0.47, according to il Capo.


Comparing this week's FTM/USD chart outlook to February's, he noted :


" As you can see, there were setbacks in between, but the goal has been achieved. But I don't think this level will last for long. The main target for FTM is $0.47-0.52 .”


The analyst's comments came earlier in the week after Fantom's retest of the $1.00 area.


Looking at the rest of the market, the total market cap is down 4.1%, while Bitcoin and Ethereum are down 4.5% and 5.3%, respectively, at the time of writing. BTC is trading around USD 38,560 and Ether is attempting to hold the USD 2,800 support zone.

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