Bitcoin BTC, Fantom Crypto FTM Face Major Support As the Decline Continues - Forex News by FX Leaders
Cryptocurrencies tumbled again after the US CPI report

Bitcoin BTC, Fantom Crypto FTM Face Major Support As the Decline Continues

Posted Monday, May 9, 2022 by
Skerdian Meta • 2 min read

The cryptocurrency market has had several attempts at turning bullish since November, but it has failed and the decline continues. As Bitcoin fell back below $40,000 several weeks ago, the crypto market cap crumbled down toward below $2 trillion again. Needless to say, Fantom has taken a plunge as well since the middle of January. On the other hand, the technical picture of FTM and BTC shows that these cryptocurrencies are now facing some major support, which could offer a bounce. 

Fantom Daily Chart – FTM Retesting Last Support

The support is under attack

Fantom looks very bearish now, although it was showing strong bullish pressure until the middle of January, as it tried to retest all time highs below $3.50. But a streak of negative events for this crypto sent this coin lower on a strong bearish trend which is only picking up pace. It started with the Wonderland controversy in January which weighed on DeFi tokens and sent FTM down to the support at $1.30.

Besides that, two of the most prominent personnel left the fantom team, such as Andre Cronje who is a prolific developer and Anton Nell, a senior solutions architect. That weighed on FTM/USD further and sent it down to $0.90. That support broke and Fantom dived to $0.6550s. The last support zone stands around $0.60 so it seems like the sellers might have reached their target. Although the selling pressure is too strong, so let’s see if sellers will break the support this time.

News that support from Pocket Network for the Fantom Blockchain can earn node runners  POKT by serving traffic from Fantom applications, tools and services might be a factor for this bounce, but let’s see if it will continue, because there are many resistance levels above.

Bitcoin Daily Chart – BTC Almost Reaching $30,000

Bitcoin remains heavily bearish today

BTC is looking bearish again after the two bullish days earlier this week,  given we are seeing risk-off today. Moving averages have turned into resistance and in the last several days the main cryptocurrency has lost around $9,000 since failing to move above and reversing at $40,000.

Sellers broke below the $35,000 support level and now they are facing the next support area around $30,000. We will follow the price action and might decide to go long on BTC around that major support zone, if we see some buying pressure.

Bitcoin BTC Live Chart

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