Fantom Price Prediction as FTM Falls 10% – Where is the Next Support?

cryptonews.com:

Fantom price has given up on a six-week aggressive push to reach $1.00. The layer 1 protocol popularly known for its exemplary scalability features, reached 2023 highs of $0.6560 before correcting the uptrend to trade at $0.5513 at the time of writing. Despite this pullback, FTM is up 148% in the last 30 days and 44% in two weeks.

The retracement from Fantom price new 2023 high is in danger of stretching to tag potential support at $0.40 before bulls take back the reins. According to experts in the crypto industry, the declines seen across the market were expected following the United States Federal Reserve (Fed) decision to hike interest rates by 0.25% last week.

Furthermore, the US jobs report last Friday did not meet market watchers’ expectations, suggesting inflation was still a glaring issue the regulator must continue to deal with in the coming months.

While the FOMC meeting early last week pointed to a possible disinflationary approach, the US payrolls report quickly stifled any chances of the Fed completely removing pressure on monetary policies used to combat inflation.

Fantom price continues to face increasing overhead pressure from the stubborn resistance at $0.6560, with three consecutive red candles printed on the daily chart. Declines are on the brink of exploding as the Moving Average Convergence Divergence (MACD) indicator hints at flashing a sell signal.

Traders looking forward to shorting FTM and capitalizing on a glaring price drop to $0.40 must wait until the MACD line in blue flips below the signal line in red. Sellers would have a field day if the momentum indicator crowned the sell signal with movement down to the mean line, and possibly entering the negative region.

Short-term price analysis reveals