Unfolding Fantom's Day Chart

Aug 1

The surge up until March 2024 from the October low was nearly 600% gains, which, due to the loss of bulls' traction, ended up in a bear grip, which took it in a falling wedge.

The price has plummeted nearly 65% of gains in almost 4 months period, and has been showing critical support at an historical major demand area.

If the bear's dominance does not ease with time, the deterioration could extend below the demand zone. On the contrary, if the critical support manages to show pump in bulls presence and interest then a breakout could be witnessed out of falling wedge pattern.

Since its price action, perpetual, and spot markets depict further downward acceleration, then bears could eye at support levels of $0.30 and $0.20, respectively.

However, some on-chain metrics and social metrics signify increased user activity, and hope could surge, which could lead to a breakout. In this scenario, the resistances are at $0.55, and $0.65, respectively.