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.
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.