Price Analysis

Altcoins Stumble Amid Bearish Action! ONDO and FTM Price Poised For a 10% Pullback?

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.

TradingView: FTM/USDT

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.

Ondo Price Analysis
TradingView: ONDO/USDT

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.

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