Polkadot And Fantom Price Analysis: Coins Turn Bearish – Trading Levels To Consider
Fantom and Polkadot have been some of the better-performing coins of the market. In the last week, both these coins have posted massive gains. Over the previous 24 hours, FTM and DOT have shown mundane price movements across their charts. As Bitcoin fell on its charts, these coins also embarked on the same price path.DOT fell below its immediate support level and held its prices above that level for the past week. FTM displayed tight price movement between immediate its immediate price resistance and support level.
Fantom/FTM/USD Four Hour Chart
Fantom was priced at $2.15 and traded extremely close to its support level of $2.03. The indicators also portray an adverse price action for the coin. Overhead resistance for the coin was at $2.17, and if buying pressure rises, then FTM could trade above its immediate price ceiling.
Additional support lines for FTM were at $1.53 and $1.24. Over the last week, FTM returned a massive 38.2% on its ROI.
FTM’s prices stood slightly below the 20-SMA line, which has earlier acted as a support line for the coin on the four-hour chart. The Relative Strength Index displayed a downtick suggesting a lowered number of buyers in the market.
The Directional Movement Index was also on the bears’ side, the -DI line crossed over the +DI line, and the Average Directional Index was parked below 40. The reading above hinted towards some possibility of the current price trend weakening over the upcoming trading sessions.
DOT/USD Four Hour Chart
Polkadot was trading at $27.51. The coin had fallen below the immediate support level of $27.40. However, it also recovered slightly and was trading above that level. DOT was on an uptrend since December 20. The coin met with a sell-off on December 27.
Overhead resistance for the coin stood at $32.58 and then at $35.38. The fear index also had displayed ‘Extreme Fear’, which explains the sudden sell-off again.
The Relative Strength Index also confirmed the increasing selling pressure as the indicator was seen below the half-line.
On Balance Volume was also bearish, suggesting that there has been an increase in the selling volume of the coin. MACD witnessed a bearish crossover, and the indicator flashed red histograms resonating with bears at the time of writing.Source