Bullish Fantom price prediction bets failed to take hold of the market, even as Fantom became one of the tokens recently listed on the Bitfinex exchange as perpetual swap contracts.
Fantom, Aave, Elrond and Polygon are new perpetual contracts launched on Bitfinex on Thursday, 30 September. The contracts provide 100X leverage for margin trading of these cryptos, with settlement to be provided for in Tether tokens.
Perpetual contracts are considered riskier than traditional crypto trading. The positions do not lead to ownership of the tokens and contrary price moves can lead to position liquidations in the absence of sufficient margin.
The FTM/USDT pair is down 5.88% as of writing.
The bulls’ intraday decline and subsequent pushback have formed a pinbar on the daily chart; the second is in two trading days. This points to the potential exhaustion of the recovery move at the 1.5260 price resistance (23.6% Fibonacci retracement level).
If a retracement occurs from here, 1.2656 becomes an additional target to the south. A channel breakdown allows for a continuation of the decline towards 1.0552 (50% Fibonacci retracement). There is a potential for the price to hit a pitstop at 1.2000.
On the flip side, continuing the advance towards 1.8000 and 1.9468 can only get the green light if the bulls can provide additional buying pressure to surmount 1.5260. Only when the FTM/USDT pair crosses the 1.9468 high can the pair target new all-time high levels.