FTM Price Plunges 12%, Approaching Key Support Level
The post FTM Price Plunges 12%, Approaching Key Support Level appeared on BitcoinEthereumNews.com.
Fantom (FTM) price is down over 12% in the last 24 hours as the network transitions to its new token, Sonic. This sharp decline has intensified FTM’s ongoing downtrend, with technical indicators like the ADX highlighting strengthening bearish momentum. Meanwhile, the number of whale wallets holding between 1 million and 10 million FTM has steadily declined, reflecting reduced confidence among large holders. With FTM moving near critical support at $0.84, traders are closely watching for a potential break lower to $0.64 or a recovery that could target resistance levels at $1.13 and beyond. Fantom’s Current Downtrend Is Showing Its Strength The ADX (Average Directional Index) for FTM is currently at 39.94, a sharp increase from below 20 just two days ago. This surge indicates that the strength of the current trend has grown significantly in a short period. Since FTM price is currently in a downtrend, the elevated ADX suggests that the bearish momentum is becoming more pronounced, making it likely that the price will continue to face downward pressure in the near term. FTM ADX. Source: TradingView The ADX measures the strength of a trend, regardless of its direction, on a scale from 0 to 100. Values below 20 indicate a weak or directionless trend, values between 20 and 40 suggest a moderate trend, and values above 40 reflect a strong trend. With FTM’s ADX near 40, the downtrend is approaching strong levels, signaling sustained selling pressure. In the short term, unless significant buying interest emerges, FTM price is likely to face continued declines, with traders closely monitoring support levels for potential stabilization. Whales Are Not Accumulating FTM The number of wallets holding between 1 million and 10 million FTM has dropped to 77, marking its lowest level since December 1. Tracking these wallets, often referred to as “whales,”…
