Altcoins
Altcoins Stumble Amid Bearish Action! Is ONDO and FTM price ready for a 10% pullback?
Major altcoins continue to see consolidated price action over the past few days, highlighting a decline in price action for these tokens in the cryptocurrency market. Additionally, ETH-based tokens have seen the highest correction this week, indicating growing selling pressure within the crypto space.
With the cryptocurrency market entering a consolidation phase, will the altcoin season have a late start? As the memecoin category has shown growing bullish sentiment recording positive price action since the start of the week?
Fantom (FTM) price sees bearish action!
Despite jumping about 15% this month, the Price of FTM coins recorded a correction of 6.83% in the last week. Furthermore, the altcoin added 0.61% to its portfolio with an increase of 9.46% in its trading volume over the past day.
With a trading price of $0.9164, a circulating supply of 2,803,634,836 FTM, and a market capitalization of $2.267 billion, Fantom price has secured the 53rd place on the global cryptocurrency market list.
TradingView: FTM/USDT
The Cross 50/200 day EMA supports the price chart on the 1D time frame, suggesting a bullish influence in the cryptocurrency market.
However, the MACD shows a constant flat line in its price chart. Furthermore, the averages show a high possibility of bearish convergence, suggesting mixed sentiment in the crypto space for the Fantom token.
If the market regains momentum, the Imaginative price will prepare to test its $1 upper resistance level in the coming weeks. On the contrary, if the bears gain control over the bulls, the Fantom cryptocurrency will plummet towards its support at $0.70.
Ondo (ONDO) Price Action:
Launched on January 18, 2024 with a trading value of $0.10, Ondo price has shown strong bullish price action. With a return of around 675% since its inception and a market capitalization of $1.740 billion, the Ondo token has secured the 60th place.
TradingView: ONDO/USDT
The Relative Strength Index (RSI) shows bearish convergence on the 4-hour time frame, highlighting an increase in selling versus buying pressure in the cryptocurrency market.
If the market experiences growing bullish sentiment, the ONDO coin price will prepare to retest its all-time high (ATH) of $1.33 this week and potentially head towards its upper resistance level of $1.5 in the next few times.
However, an increase in selling pressure could send the altcoin plummeting towards the $1.175 support level in the coming weeks.