Date: Mon, Dec 23, 2024, 05:39 AM GMT
The cryptocurrency market is making a significant correction since last week, with Bitcoin (BTC) plunging on December 17 to a low of $92,000 and now trading above $95,000. This downturn has significantly impacted major altcoins including Fantom (FTM) and Polkadot (DOT), which have both experienced notable declines over the past seven days. FTM has dropped by over 30%, while DOT has declined by over 20%.
Both tokens are now retesting their critical downtrend breakout levels, presenting a pivotal moment for their future price movements.
Both tokens are now testing critical levels after breaking out of major downtrend patterns.
Fantom (FTM)
Fantom (FTM) recently experienced a strong upward trend, culminating in a breakout from a Descending Triangle pattern on November 27, 2024. This breakout saw FTM climb to a high of $1.47, signaling a major bullish move.
However, with the market’s latest dip, FTM is now retesting its descending resistance line and currently trading at $0.95.
If FTM can hold this support and bounce back, it could rally toward the $1.47 resistance zone which is still 56% up from the current price level
Polkadot (DOT)
Polkadot (DOT) has followed a similar trajectory, breaking out of a Descending Triangle pattern on November 23, 2024. This breakout propelled the token to a high of $12.05, marking a substantial gain.
However, with the market’s latest decline of over 20% in last 7 days, DOT is now retesting its descending resistance line and currently trading at $6.81.
A successful bounce from this support could lead DOT back toward the $12.05 resistance level, offering 74% upside move from the current price.
What to Expect Ahead?
Both FTM and DOT are positioned at pivotal support levels, with their technical setups hinting at the possibility of a rebound. The broader market’s direction, especially Bitcoin’s dominance which is now at 58.85%, will play a critical role in influencing these tokens’ trajectories.
While the potential upside is promising—56% for FTM and 74% for DOT—investors should approach cautiously. Market sentiment remains mixed, and unexpected volatility could impact recovery efforts.
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