FTM short-term trend, fear of deep correction! 🔥
FTM market technical analysis and key level insights:
According to AMBCrypto's technical analysis, Fantom (FTM) has recently been consolidating between $0.472 and $0.50 for four days. The FTM price is hovering at the lower limit of this range. The current price action shows a more cautious market sentiment, especially it is still below the 200-day moving average (EMA), showing an overall downward trend.
Key support and resistance levels
Support: $0.469. If FTM closes below this level on a daily basis, an 8% downside is expected, and the target price may fall to $0.431.
Resistance: $0.50. If this level can be broken, the market sentiment will turn positive, which may push the FTM price up 9% to $0.55.
However, it is worth noting that the current consolidation comes after a sharp 40% price increase between September 7 and 10, which shows that the market may be accumulating momentum.
Market sentiment and on-chain data
On-chain data provides us with further bearish signals. According to Coinglass data, FTM's long-short ratio is 0.924, which is below 1, indicating that the overall market sentiment tends to be bearish. At the same time, 52% of the top traders hold short positions, indicating that bearish sentiment dominates.
Futures market performance
FTM's futures open interest fell 7.5% in the past 24 hours, indicating that some traders closed their positions due to concerns about potential price declines. In addition, open interest has continued to decrease since September 11, and market sentiment has further tended to be cautious. In terms of funding rate, FTM also showed negative values, reinforcing bearish market expectations.
Operational suggestions
On the whole, FTM is currently in a market stage dominated by shorts. In the short term, investors should pay close attention to the support level of $0.469. If it falls below this level, it may trigger further downward pressure. At the same time, trading volume fell 27% in the past 24 hours, and traders' participation has obviously weakened, which also reflects the market's wait-and-see attitude towards future trends. Please operate with caution.
