Top altcoins continue to record a consolidated price action over the past few days, highlighting a decline in the price action for these tokens in the crypto market. Moreover, ETH-based tokens have recorded the highest correction this week, indicating increasing selling pressure within the crypto space.
With the cryptocurrency market entering into a consolidated phase, will the altcoin season experience a delayed start? As the memecoin category has displayed increased bullish sentiment by recording a positive price action since the week started?
Fantom (FTM) Price Records A Bearish Action!
Despite recording a jump of approximately 15% this month, the FTM coin price has recorded a correction of 6.83% over the past week. Furthermore, the altcoin has added 0.61% to its portfolio with a 9.46% jump 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, the Fantom price has secured the 53rd spot on the global crypto market list.
The Cross EMA 50/200-day supports the price chart in the 1D time frame, suggesting a bullish influence in the crypto market.
However, the MACD displays a constant flatline in its price chart. Furthermore, the averages show a high possibility of a bearish convergence, suggesting a mixed sentiment in the crypto space for the Fantom token.
If the market regains momentum, the Fantom price will prepare to test its upper resistance level of $1 during the upcoming weeks. Conversely, if the bears gain control over the bulls, the Fantom crypto will plunge toward its support of $0.70.
Ondo (ONDO) Price Action:
Launched on 18th January 2024 with a trading value of $0.10, the Ondo price has displayed a strong bullish price action. With a return of approximately 675% since its inception and a market cap of $1.740 Billion, the Ondo token has secured the 60th place.
The Relative Strength Index (RSI) shows a bearish convergence in the 4H time frame, highlighting an increase in the selling-over-buying pressure in the cryptocurrency market.
If the market experiences increased bullish sentiment, the ONDO coin price will prepare to retest its all-time high (ATH) of $1.33 this week and potentially head toward its upper resistance level of $1.5 in the coming time.
However, an increase in the selling pressure could result in the altcoin plunging toward its support level of $1.175 during the upcoming weeks.
