Bearish Momentum Grips FTM Market: Will Bulls Stage a Rally?

• FTM’s bullish run falters as SpiritSwap closure triggers warning.
• The RSI and MACD tendencies sign a possible short-term draw back for FTM.
• Oversold Stochastic RSI hints at FTM value reversal threat loom.

Bullish momentum within the Fantom (FTM) market has waned as bulls paused as a result of resistance on the intraday excessive of $0.241.  This pessimism is fueled, partly, by the closure of SpiritSwap, a decentralized change (DEX) based mostly on the Fantom Opera Chain.

Consequently, bears drove the FTM value all the way down to a 24-hour low of $0.234 earlier than discovering assist.  FTM was buying and selling at $0.2355 on the time of publication, with a slight restoration as patrons stepped in to reap the benefits of the dip.

Throughout the interval of pessimism, FTM’s market capitalization and 24-hour buying and selling quantity fell by 1.29% and a couple of.32%, respectively, to $659,867,741 and $41,715,073.  This drop in market capitalization and buying and selling quantity displays buyers’ and merchants’ cautious response to the DEX’s closure.

With the Relative Power Index (RSI) transferring south and beneath its sign line on the FTMUSD 1-hour value chart at 42.98, it means that FTM could have extra draw back potential within the brief time period. Nevertheless, if the RSI begins to reverse and rise above its sign line, it might point out a doable shift in sentiment and a shopping for alternative for merchants.

Moreover, with a studying of -0.002, the Shifting Common Convergence Divergence (MACD) has moved into the destructive area, indicating a bearish development for FTMUSD. Moreover, the MACD histogram kinds pink bars, indicating that momentum is shifting to the draw back. This transfer provides to the bearish outlook for FTMUSD and signifies that merchants ought to proceed with warning when contemplating a possible shopping for alternative.

Nevertheless, the FTM value chart’s Stochastic RSI ranking of 24.38 signifies an oversold situation. This degree signifies that promoting strain has reached an excessive and {that a} doable reversal or consolidation is on the horizon.

The latest shift within the Price of Change (ROC) development into destructive territory, with a studying of -0.34, provides to the bearish sentiment for FTMUSD.

This trajectory signifies that the worth has been falling quicker not too long ago, indicating additional draw back. Moreover, the declining quantity on the FTMUSD chart signifies a scarcity of shopping for curiosity, presumably contributing to additional value declines quickly.

In conclusion, FTM faces cautious headwinds post-DEX closure. Technicals trace at short-term warning, however oversold situations could spark a turnaround.

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