FTM has also declined against Bitcoin and Ethereum, down by more than 7% on both pairs.
Fantom’s FTM token has plunged more than 12% in Friday evening trading and looks set for more losses given the current bleeding in the crypto market.
FTM is about 21% down this week, with the downtrend taking its value against the US dollar below $1.00. Selling pressure has pushed the FTM/USD pair to intraday lows of $0.88, below the critical support zone at $0.92 established in September.
This puts the Fantom price on course for a potential retest of prices last seen in February 2021 if a fresh downside gathers momentum towards the next major support line at $0.80.
Fantom could dip to $0.47, says analyst
FTM traded at highs of $3.35 in January, but with the broader crypto market in a downtrend, the cryptocurrency has moved within a declining parallel channel since. It tested highs of $1.68 on 2 April, the upper boundary of the channel.
Declines since have FTM/SUSD currently facing a retreat to the lower trendline, with today’s rot pushing it below the channel’s midline support.
According to crypto trader and technical analyst il Capo, bulls are unlikely to hold above the support line. He suggests that Fantom price might dip to new support at $0.47-$0.52.
Fantom could drop to $0.47 according to il Capo.
Comparing FTM/USD chart outlook this week to that seen in February, he noted:
“As you can see, there were bounces in between, but the target has been reached. I don’t think this level will hold for long though. Main target for FTM is $0.47-0.52.”
The analyst’s comments came earlier in the week, following Fantom’s retest of the $1.00 area.
Looking at the rest of the market, total market capitalization is down 4.1%, while Bitcoin and Ethereum have declined 4.5% and 5.3% respectively at the time of writing. BTC is trading around $38,560 and Ether is trying to hold the $2,800 support zone.