- FTM/USD has fallen 7.83% over the past 24 hours and 33% over the past seven days.
- The crypto token sits on support at $2.00 amid a bearish market.
- $1.50 is the next support level if FTM/USD breaks below the consolidation zone.
Fantom’s token FTM/USD has been on a strong rally since December 21, even as many other cryptocurrencies showed significant weakness. It climbed from a low near $1.35 on December 21 to a high of $3.37 on January 17.
Since that peak, the token has faced sustained bearish pressure and has declined. Trading around $2.00 at the time of writing, FTM/USD is down more than 7% in the last 24 hours, extending losses for the week to roughly 33%.
FTM/USD technical analysis – $2.00 stands as established support
On the daily chart, FTM/USD has retraced back to the $2.00 support level. After attempting a recovery, it retested that support amid the broader weakness that has affected the entire crypto sector. This general downturn has been linked to expectations of tighter monetary policy from the Federal Reserve as it seeks to curb rising inflation.
Even if FTM/USD manages to bounce off the $2.00 support, bearish pressure remains. Short-term moving averages — the 9-day, 14-day, and 20-day — are acting as resistance. There is also a near-term resistance level at $2.39 that could cap upside moves. Traders should watch the daily candlestick close to confirm whether a reversal or a continuation of the downtrend is unfolding.
Summary
From a technical perspective, FTM/USD presents a buying opportunity if the $2.00 level holds. A clear price-action signal, such as the formation of a bullish pin bar at this support, would increase the probability of a trend reversal and push FTM/USD higher.
However, if the broader crypto weakness persists, FTM/USD could break below current support. A decisive break under $2.00 would likely put the token on track toward the $1.50 area, which is the next significant support level.