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    Home»Crypto»Altcoin»Fantom price analysis – Traders brace after April’s 30% decline

    Fantom price analysis – Traders brace after April’s 30% decline

    The News DeskBy The News Desk18 April 20222 Mins Read
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    Cryptocurencies have had a rough start this year, we saw ETH and BTC reaching highs that had not been seen since last year, with ETH topping out at $3,894 in January 2022 before crashing to $2,315 just weeks later. Things started to look positive as we have steadily recovered in the beginning months of 2022 however a new wave of negative market sentiment has hit as downward trends sweep the market and trader outlook dims.

    ETH / USD January 2022 – April 2022

    Most altcoins are also feeling the hit, one of these, being Fantom (FTM). In the last 24hours alone at time of press FTM has been hit 5%, trading at just $1.09 and is down almost 40% from its 4 week high of $1.67, and a further 70% from its 2022 high on the 17th January. Since FTM dropped out of the $1.90 resistance level, bullish traders are unable to find an upward rally, with consistent pushback and high sell-walls.

    We’ve started to see resistance around the $1.05 level in the past 4 weeks, as FTM refuses to push towards the $1 mark. Dependant on market sentiments we will potentially see a breakout again in the coming weeks towards $1.60, or a further decline below the dollar mark.

    Interestingly, if we take a look at historical market data for FTM, we see that these exact price movements have already been witnessed both late last year, and earlier this year. FTM reached highs of $3 in November 2021, before beginning a sharp decline just one month later in December towards the $1 mark , maintaining a resistance of $1.10. By January 2022, FTM was headed once again past $3, towards its all time high of $3.48 on the 16th January 2022. This same behaviour may be exhibiting itself before our very eyes, and we could anticipate yet another breakout towards $3.

    In comparison, the charts look awfully similar, and this past data may provide some positivity towards a strong rally in the coming months.

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    The News Desk

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