The crypto market has followed major global indices in decline at the start of trading this week. Investors, triggered by growing fears of Omicron and hawkish FED sentiment, are taking a risk-off approach to trading. The move has seen mega-cap coins like BTC and ETH decline, but Fantom (FTM), the smart contract platform, appears to be staring at an ugly day if conditions hold. Here are some notable facts:
FTM is sliding in intraday trading, losing ground by nearly 6% at press time
The price is closely approaching the 200-day moving average of $1.196
A massive wipeout could be triggered if the price falls below the 200-day SMA
Data Source: Tradingview.com&
Fantom (FTM) &- price action and analysis
Today’s intraday losses back a bearish trend that we have seen with FTC in recent weeks. After hitting all-time highs of $3.69 in October, it’s been nothing but free fall for FTC ever since. The coin is 65% lower than these highs and has seen $6 billion worth of market cap slip away during the same period.&
It doesn’t seem like this trend is about to reverse. As noted above, we are watching closely to see if FTC breaks below the 200-day SMA of $1.19. If indeed this happens, we could be looking at a strong decline, with some analysts looking at shocking intraday losses of nearly 30%.
Should you buy Fantom (FTC) right now
Well, the truth is, market conditions right now point to a strong risk-off attitude for investors. This would, therefore not be the ideal time to buy. If the current sell-off we are seeing in equities continues to hit the crypto market, FTC and other altcoins could be in for a rout. It’s best to therefore wait.
The post Fresh omicron fears set risk-off sentiment at the start of the week, and Fantom (FTM) is staring at a 30% wipeout as a result appeared first on Coin Journal.
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