FANTOM – ALTCOIN CHART ANALYSIS

Fantom remains in a clear downtrend and has completely filled the mid-May wick, bringing fresh liquidity to the range. Right now we're trading at around $0.24.

Our former support area has switched to resistance for now and we are consolidating below it. It is very important that we can exit this as quickly as possible.

Trading volume continues to decline and could provide a small surprise to the top, at least looking ahead to the weekend. The first target would be around $0.35.

On the daily chart, we filled the first inefficiency to the bottom. This is a good sign for now as the market always moves in the direction where the most liquidity is to be fished.

Nevertheless, we may not have exhausted the downside potential yet. We still have room to go down to around USD 0.16, as this is where the next liquidity gap lies, which could still be filled over time.

A move up into the above area would be at least the first step to turn former support into resistance and then initiate a correction from here to the lower USD 0.20 area.

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