Markets
Altcoins Stumble Amid Bearish Action! ONDO and FTM Price Ready for a 10% Pullback?
Top altcoins continue to record consolidated price action over the past few days, highlighting a decline in the price action of these tokens in the crypto market. Additionally, ETH-based tokens recorded the highest correction this week, indicating increased selling pressure in the crypto space.
With the cryptocurrency market entering a consolidated phase, will the altcoin season get a late start? How has the memecoin category demonstrated rising bullish sentiment by recording positive price action since the start of the week?
Fantom (FTM) Price Records Bearish Action!
Despite registering a jump of approximately 15% this month, the FTM Coin Price recorded a correction of 6.83% in the last week. Furthermore, the altcoin added 0.61% to its portfolio, with a 9.46% jump in its trading volume in the last day.
With a trading price of $0.9164, a circulating supply of 2,803,634,836 FTM, and a market cap of $2.267 billion, Fantom price secured 53rd place on the global crypto market list.
TradingView: FTM/USDT
The 50/200 day Cross EMA supports the price chart on the 1D time frame, suggesting a bullish influence on the crypto market.
However, the MACD displays a constant flat line on 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 dynamism, the Phantom price will prepare to test its $1 upper resistance level over the next few weeks. On the other hand, if the bears gain control over the bulls, Fantom crypto will dive towards its $0.70 support.
Ondo (ONDO) Price Action:
Launched on January 18, 2024 with a trading value of $0.10, Ondo price has seen strong bullish action. With a return of approximately 675% since its inception and a market cap of US$1.740 billion, the Ondo token secured 60th place.
TradingView: ONDO/USDT
The Relative Strength Index (RSI) shows a bearish convergence in the 4-hour time frame, highlighting an increase in selling pressure over buying in the cryptocurrency market.
If the market experiences growing bullish sentiment, 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 times.
However, an increase in selling pressure could result in the altcoin falling towards its $1,175 support level over the next few weeks.