Ongoing broad market sell-off dragged Bitcoin beneath the vital $20,000 level. Bulls’ failure to protect $20.8K and $20K confirmed a highly fearful sentiment within the cryptocurrency market. Meanwhile, Fantom revealed bullish break hints as it moved to $0.24 48 hours ago. However, FTM could not sustain the uptick, and bears seem to flip the bias to bearish at this publication.
Fantom 4Hr Timeframe
The 4hr chart confirmed a bearish stance for Fantom as the altcoin struggled amid faded market sentiment. The downward move printed a lower peak at $0.26, but FTM prices ended a session beyond this mark.
Moreover, the alt created higher lows, and the rising trend-line support back the case. Nevertheless, the near-term upsurge broke down within the latest trading hours. FTM broke the $0.22 low plus the trend-line support.
Fantom 1Hr Timeframe
The hourly chart revealed the higher lows the trend-line is touching. The past couple of hours saw the asset smashing this trend-line foothold. Also, the market structure broke as the price plunged lower than the uptrend’s higher low.
Therefore, the structure favors bears, but the move towards $0.255 made the bias more intricate than a candid bearish narrative. Breaking the trend-line support confirmed that retesting the area might present a resistance, welcoming a move towards the $02 lows.
The hourly Relative Strength Index dropped beneath the 50-neutral, highlighting bearish momentum. The indicator has failed to surge past 60 within the previous week. That indicated weak buyers. Meanwhile, the Stochastic Relative Strength Index printed a bullish cross within the oversold region. However, that didn’t imply a massive upside move for FTM.
The on-balance volume could not scale high from a few days ago and displayed faded buying strength. Also, the Chaikin Money Flow stood below -0.05, showing substantial cash flow of the market.
Final Thought
Lower timeframe indicators confirmed a bearish pressure plus substantial selling momentum. Also, the bullish strength wasn’t massive on the 4hr chart, showing bearish favoritism. Retesting the former trend-line (now support) can present a shorting opportunity. Enthusiasts can consider a stop-loss beyond the resistance at $0.25, while they can book profits around the $0.2 local lows.
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