Altcoins
Altcoins stumble amid bearish action! Are ONDO and FTM prices ready for a 10% pullback?
Top altcoins continue to see 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 saw the highest correction this week, indicating increasing selling pressure in the crypto space.
As the cryptocurrency market enters a consolidation phase, will the altcoin season see a delayed start? While the memecoin category has displayed increased bullish sentiment by recording positive price action since the start of the week?
Fantom (FTM) price records bearish action!
Despite a jump of around 15% this month, the FTM parts prices recorded a correction of 6.83% over the past week. Furthermore, the altcoin added 0.61% to its portfolio with a 9.46% increase 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 cap of $2.267 billion, Fantom price has secured the 53rd spot on the global crypto market list .
TradingView: FTM/USDT
The 50/200-day Cross EMA supports the price chart on the 1D timeframe, suggesting a bullish influence in the crypto market.
However, the MACD displays a constant flat line in its price chart. Furthermore, the averages show a strong possibility of bearish convergence, suggesting mixed sentiment in the crypto space for the Fantom token.
If the market regains strength, the Ghostly Price will prepare to test its upper resistance level of $1 over the coming weeks. Conversely, if the bears take control of the bulls, Fantom crypto will plunge towards its $0.70 support.
Ondo (ONDO) Price Action:
Launched on January 18, 2024 with a market 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 secured the 60th place.
TradingView: ONDO/USDT
The Relative Strength Index (RSI) shows bearish convergence on a 4-hour time frame, highlighting an increase in selling-over-buying pressure in the cryptocurrency market.
If the market experiences increased 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 time to come.
However, an increase in selling pressure could cause the altcoin to fall towards its $1.175 support level over the coming weeks.