Pessimistic Fantom price predictions have hit the market following two days of relentless selling. This follows negative sentiment in the crypto market, which has allowed for a deeper correction than most would have imagined.
Fantom was one of the tokens which performed resiliently in December 2021, recovering much of the ground it lost when the Omicron variant’s emergence spooked markets globally and led to the crypto downturn. But despite the boom it is experiencing in its DeFi product penetration in the market, the selling bug appears to have caught up with it and the token is showing signs of a correction.
The FTM/USDT pair is down nearly 18%, and it appears that the worst appears not to be over yet.
The decline below the 3.0005 psychological support has opened the selling floodgates, which is driving the price towards the 2.5968 support. If the corrective decline continues below this price mark, 2.3172 becomes an additional downside target.
On the other hand, recovery has to follow a bounce which breaks 3.0005 to the upside. This move will line up 3.1727 as a resistance target, while clearance of the 16 January low will allow the bulls to make a march towards the 28 October high at 3.4816.
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This post was last modified on Jan 18, 2022, 15:04 GMT 15:04