Bullish trend in the Fantom (FTM) market has slowed as bulls paused due to resistance at the intraday high of $0.241. This gloom is spurred in part by the collapse of SpiritSwap, a decentralized exchange (DEX) built mostly on the Fantom Opera Chain.
As a result, bears drove the FTM worth to a 24-hour low of $0.234 earlier than finding help. FTM was trading at $0.2355 at the time of publication, with a minor recovery as consumers stepped in to take advantage of the fall.
During the period of pessimism, FTM’s market capitalization and 24-hour trading volume declined by 1.29% and.32%, respectively, to $659,867,741 and $41,715,073.
The decline in market capitalization and buying and selling volume reflects buyers’ and merchants’ cautious reaction to the DEX’s closure.
With the Relative Energy Index (RSI) moving south and beneath its signal line on the FTMUSD 1-hour worth chart at 42.98, it indicates that FTM may have additional drawback potential in the short term. However, if the RSI begins to reverse and rise above its signal line, it may indicate a possible shift in sentiment and a shopping option for businesses.
Furthermore, the Shifting Common Convergence Divergence (MACD) has moved into the unfavorable zone, signaling a negative scenario for FTMUSD, with a reading of -0.002. Furthermore, the MACD histogram shows crimson bars, indicating that momentum is going to the downside.
Nonetheless, the FTM value chart’s Stochastic RSI of 24.38 indicates an oversold condition. This stage indicates that promoting pressure has peaked and that a possible reversal or consolidation is on the horizon.
The most recent change in the Charge of Change (ROC) development into unfavorable territory, with a reading of -0.34, contributes to FTMUSD’s bearish mood.
This trajectory indicates that the value has been declining faster recently, signaling significant drawback. Furthermore, the dropping quantity on the FTMUSD chart indicates a lack of purchasing interest, which may contribute to further value drops fast.
Finally, FTM is facing cautious headwinds following the closing of the DEX. Technicals are tracing at a short-term caution, but oversold conditions might drive a turnaround.
