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Bitcoin BTC, Fantom Crypto FTM face major support as decline continues

The cryptocurrency market has made several attempts to turn bullish since November, but it has failed and the decline continues. When Bitcoin fell back below $40,000 a few weeks ago, the cryptomarket capitalization back to under $2 trillion. Needless to say, Fantom has also taken a leap since mid-January. On the other hand, the technical picture of FTM and BTC shows that these cryptocurrencies is now facing major support that could provide a bounce.

Fantom Daily Chart – FTM is retesting last support

Bitcoin BTC, Fantom Crypto FTM face major support as decline continues, Crypto Trading News

The support is attacked

Fantom is looking very bearish now, although it showed strong upward pressure until mid-January when it attempted to retest all-time highs below $3.50. But a series of negative events for this crypto has sent this coin lower on a strong bearish trend that is only gaining momentum. It started with the Wonderland controversy in January that caused the DeFitoken charged and sent FTM to the $1.30 support.

Also, two of the most prominent employees have left the Fantom team, including Andre Cronje, a prolific developer, and Anton Nell, a lead solution architect. The FTM/USD continued to weigh on it, dropping it to $0.90. This support broke and Fantom dived to $0.6550. The last support zone is around $0.60 so it seems like the sellers have hit their target. Although the selling pressure is too strong, let’s see if the sellers will break the support this time.

The news that Pocket Network’s support for the FantomBlockchain Node-runner POKT can earn by providing traffic from Fantom applications, tools and services could be a factor in this jump, but let’s see if it continues because there are many resistance levels above it.

Bitcoin Daily Chart – BTC hits nearly $30,000

Bitcoin BTC, Fantom Crypto FTM face major support as decline continues, Crypto Trading News

Bitcoin remains sharply bearish today

BTC is looking bearish again after two bullish days earlier this week as we see risk aversion today. Moving averages have moved in Resistance and over the past few days, the major cryptocurrency has lost around $9,000 since failing to move higher and flipping around $40,000.

Sellers breached the $35,000 support level and are now facing the next support area around $30,000. We will follow the price action and might decide to go long BTC around this key support zone if we see some buying pressure.

Bitcoin

Source: Crypto News Deutsch

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