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Is $1.5 the next low for Fantom (FTM/USD)?

  • FTM/USD is down 7.83% in the past 24 hours and 33% in the last seven days
  • The crypto token sits at the support of $2.0 in a bearish market
  • $1.50 is the next support level if FTM/USD breaks below the consolidation zone

Fantom’s token FTM/USD has been on a strong rally since December 21, when all other cryptocurrencies were experiencing major weaknesses. It rose from a low of around $1.35 on December 21 to a high of $3.37 on January 17.

However, the token faced bearish pressure and has been dropping since then. At the current trading of around $2.0, FTM/USD has dropped by more than 7% in the past 24 hours, extending losses in the week to at least 33%.

FTM/USD technical analysis – $2.0 is the established support

Source – TradingView

Looking at the daily chart above, FTM/USD has retreated to the support of $2.0. It attempted to rebound before retesting the support again in price weakness that has engulfed the entire cryptocurrency industry. The overall weakness has been connected to the upcoming policy tightening by Fed aiming to tame the rising inflation.

Although FTM/USD is rebounding from the support, it still faces bearish pressure, with the 9-day, 14-day, and 20-day providing resistance. A short-term resistance also exists at the $2.39 level and could constrain prices. We need to watch the close of the candlestick on the daily chart to confirm a trend reversal or continuation.

Summary

Based on the technical pointers, FTM/USD presents a buying opportunity if the $2.0 level holds. A price action signal such as the formation of a bullish pin bar at the support could signal a trend reversal and take FTM/USD higher.

Nonetheless, FTM/USD could break below the support if crypto weakness continues. A break below the current level would see the token claim the $1.5 zone, which is the next support.

The post Is $1.5 the next low for Fantom (FTM/USD)? appeared first on Coin Journal.

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Chainlink extend negative price action to the south as price trade below $17.75 resistance

Supply and demand have been termed as the major factor that causes uphill and downhill in the market. However, in a bearish moment such as this period, it’ll be best to have a firsthand approach to the market.

While it’s easier to open a buy or sell order on the flip side, the consequence of inadequate understanding of the market price movement may result in total loss of trading account. And to be able to stay ahead of the market do read below to get a grasp of what Chainlink (LINK) has to offer this week.

LINK/USD technical analysis outlook

Source – TradingView

Across the hourly chart, the price action of Chainlink had broken below the $17.73 resistance after strong bearish market volatility pushed the price of the assets into a negative sell-off mode.

However, at the time of writing this analysis, the value of LINK/USD tends to trade along the July 23rd market initial support region. In essence, if the price should plunge below this level, the entire price movement of LINK/USD will meet near-term support at a $10.59 bearish price target.

Weekly price chart

Source – TradingView

After facing rejection along with $27.31 resistance, the value of LINK/USD tends to plummet aggressively against the US dollar as fundamental economic updates from the US region aim to hasten the action of sellers at driving the price of the asset to the South. However, the overall price action of Chainlink across all time frames remains negative.

Where could be a positive turning point for the asset

While awaiting the market to complete its bearish price movement, we should however be aware that if this negative price action should extend further, the value of LINK/USD may likely find a resting point at $10.59 If at all the volume of the sellers outweigh the buyers‘ momentum.

The post Chainlink extend negative price action to the south as price trade below $17.75 resistance appeared first on Coin Journal.

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Should you buy Shiba Inu as the price get stuck along the support

5 Reasons Why You Should Buy Shiba Inu Today for 2022 Gains

Weak volatility and average momentum are some of the most influential factors that alter the general market sentiment. And to be able to distinguish between a trending market and a range-bound market, you ought to understand the volatility condition of the market.

In general, strong market volatility aided the price action of the meme coin to plunge against the US dollar. And why you might be wondering about what reward you stand to gain when you buy SHIBA INU. Read below to discover the reason why Shiba Inu should be considered as a good buy asset.

Technical levels to watch before buying Shiba Inu

Source – TradingView

From the 4-hour chart, the price action of the meme coin has been plugging to the South after printing a series of lower highs into support.

In addition, the price of the asset couldn’t stop the sellers from plummeting its value downward after a strong bearish pressure helped to stimulate the price action to the south. At the moment, the long-term bearish price action of the asset would have been considered to have found a resting point at $0.0002048 support. Conversely, this could be the right place to take a long position if at all, the price of the asset should bounce beyond this price target.

However, support and resistance exist at $0.0001972 while resistance resides at $0.00002598. In general, a break above the resistance will serve as the right place to create a buy order as this would confirm the beginning of a bullish market.

Final thoughts

The price action of the asset hasn’t shown a significant sign of going long yet. As it’s currently trading along with the horizontal support. Thus a break below the support will enable the value of the asset to continue its bearish rally further. While on the other hand, if the price should bounce off the support it’ll hit immediate resistance at $0.00002598.

The post Should you buy Shiba Inu as the price get stuck along the support appeared first on Coin Journal.

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Top 3 crypto asset to buy before it gain bullish attraction in the market

Despite the fact that the digital currency market has experienced a huge drop in market Cap and lost a substantial amount of pips in their various assets. Yet market investors are on the look for profitable opportunities to invest their money amidst the downhill movement taking place in the market.

With rate hike expectations coming from the Federal Reserve Chairman Jeremy Powell in March, market investors should understand that there is still room for the market to remain bearish.

Because a tighter monetary policy is aimed towards curbing the hyperinflation pressure around the US economy.

However, if you’re still interested in buying digital currency in exchange for profit maximization, below are the list of our top pick crypto asset.

Tether (USDT)

Tether, the most traded stable coin by market Cap, has often proved to be a safe haven digital asset. Due to its stability and similar value with the US dollar, it has the potential of rising in value in spite of negative trading sentiment taking place in the crypto market. And because it has a value that’s equal to the dollar, it’s guaranteed to appreciate if at all the feds should tighten the monetary policy sooner.

Ripple (XRP)

While it may be deduced that Ripple is at a point of gaining positive recovery, after a continuous month of losses and negative price balances. It should be noted that the best way to profit from the crypto asset is to buy it when the value is in the bearish stage. You can gain a lot from the market if you consider buying XRP this period.

Ethereum (ETH)

With concern about Ethereum upgrading to ETH2 as a result of controlling its transaction cost and network congestion issues. It’ll be right to be prepared for the opportunity this new upgrade will produce in the market.

The post Top 3 crypto asset to buy before it gain bullish attraction in the market appeared first on Coin Journal.

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Cardano extends negative price action to $0.94 after market supply outweigh demand

  • Strong bearish pressure pushed the price of Cardano to the south
  • $0.94 is the next bearish target for the asset
  • Cardano relation with Ethereum ( the essential things to know between the two assets)

According to Nerd wallet, Cardano (ADA) has been termed as a fast-rising digital currency network that should be considered as the next opposition to the Ethereum network. Despite the presence of bearish market situations across the entire crypto market, Cardano’s total market Cap as of the time of writing this analysis is worth $33 billion and $14 billion below the USD stable coin.

Technical outlook for ADA/USD Price Action

Cardano sight a fresh support at $0.94

At the moment, the all-round price action of Cardano remains negative as the value of the asset aims to hit a negative price target at $0.94, and if at all the market supply should outperform the demand for the asset, the value of Cardano will retain negative value.

ADA/USD hourly technical analysis viewpoint

Source – TradingView

From the hourly chart market, speculators would see that Cardano has for long been trading with a strong bearish price action after facing tight rejection along with the $1.39 near-term resistance.

However, if at all the price of action of the digital asset pair should break below the immediate support at $0.94 then the overall price action of Cardano will resume to the bearish zone. On the flip side, if the price movement of Cardano should bounce above the $0.94 immediate support, the value of ADA/USD will tend to hit immediate resistance at $1.10.

Cardano daily technical analysis

Source – TradingView

From the 1-day chart, Cardano Seems to trade with a strong bearish bias after making a series of lower lows into support in the previous trading bout. Yet $0.94 could be a turning point for the asset if the volume of the buyers should outweigh the sellers‘ pressure in the market.

Summary

Cardano trades with a strong bearish bias, as the value of the asset eyes to retest the previous negative price target of $0.94.

The post Cardano extends negative price action to $0.94 after market supply outweigh demand appeared first on Coin Journal.