Fantom (FTM) Price Analysis: Bears Challenge $2.0000, More downside on the card!

Fantom’s (FTM) price fails to capitalize on the previous day’s gain. However, FTM manages to hold the lows made on Sunday at $1.9495. The volumes also dip down to 8% at $1,714,449,297.At the time of writing, Fantom’s (FTM) price is trading at $2.0334, down 10.73%.

• Fantom (FTM) price records 10% fall on Monday.
• A decisive break below $2.0500 will continue the downside momentum.
• FTM plunges more than 45% over the seven days.

Fantom (FTM) records ATHs in Total value Locked (TVL) – Defi

Defi Lama, an analyst platform reveals that Ehtereum rival Fantom (FTM) is setting new fundamental records amid price decline across the crypto markets. FTM hit a total of $10.51 billion locked in value, a meticulous rise of over 362,300% from its TVL of $2.90 million in April 2021.

Technically speaking, on the 4-hour chart, the Fantom (FTM) price opened higher but could not sustain the higher levels. It remains pressured near the 20 EMA (Exponential Moving Average) at $2.22. Furthermore, the momentum oscillator, the daily relative strength index (RSI) trades at 36 indicates bearish bias in the pair.

Fantom (FTM) price touched the low of $1.7700 on Saturday and recovered almost 33%. However, faces a strong upside barrier 20/50/100/200 EMA resistance confluence.

The above technical assumption can further be verified through the MACD (Moving Average Convergence Divergence), which trades below the bearish line. That highlights the possibility of $1.8000 if the price breaks below the session’s low.

On the other hand, the formation of the ‘reverse hammer is a bullish reversal pattern. This could be the sign of a technical bounce back in a period of continuous downfall. The price could first test the immediate resistance at the horizontal resistance level near $2.2004. Next, FTM could dare meet the 200-EMA at $2.3699.

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