Fantom slides below three week range, here’s what traders can expect

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Fantom [FTM] has not shown much volatility over the past two weeks. For the most part, the price bounced between the $0.218 and $0.23 levels, which stood just under 5% apart. In a market used to far greater volatility, trading FTM might not have been as interesting recently.

Here’s AMBCrypto’s Price Prediction for Fantom [FTM] in 2022

This changed when the price dropped decisively below the support level of $0.216 a couple of days ago. This came at a time when Bitcoin slipped from $19.6k to $19k, but the rest of the market saw liquidations galore. Will the losses continue for both Bitcoin and Fantom?

Source: TradingView

The 12-hour chart showed a clear downtrend for FTM in August and September. The past three weeks saw the price form a range (white) between $0.238 and $0.216. The mid-point of this range lay at $0.227, and has acted as resistance throughout October.

Hence, the trend was clearly bearish and a trade taken along with the trend would be more likely to succeed. With Bitcoin barely holding on to the $19k support as well, the next week or two could see a sharp move downward for FTM.

Short sellers can look to open a position if FTM retests the $0.216 level, which were the former range lows. A set of Fibonacci retracement and extension levels (yellow) showed $0.1996, $0.181 and $1727 could serve as support levels, and can be used by short sellers to take-profit.

The Relative Strength index (RSI) on the 12-hour chart has been below neutral 50 since mid-August. The On-Balance Volume (OBV) has also been in a downtrend over the past month, to highlight selling volume was