Fantom recovery looks in tatters as bulls fail to inspire a comeback
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The Fantom blockchain was touted as the leader in smart contracts
Fantom has lost TVL since the developers parted ways
FTM is under pressure at $0.24
Fantom FTM/USD – a cryptocurrency that once traded at $3.6, is changing hands for just $0.25. FTM has lost by two numbers in the last week. It looks bearish, although it has recovered 2% in the last 24 hours. Are we ready to continue sliding or rebound?
In 2021, the Fantom blockchain was promoted as one of the best smart contract protocols for dApps and digital assets. This was due to the blockchain’s high performance and fast transactions. Expectations of Fantom’s driven DeFi growth helped push its initial token higher last year. Along with utility considerations such as staking, FTM emerged as prices rose to new highs.
FTM’s recent drop and weak recovery may be due to sheer uncertainty. Since the news of lead developer Andre Cronje’s departure, Fantom has never been the same. Later, the news was followed by geopolitical tremors and macro issues that dealt the final blow to FTM. These macro events are far from over, while the return of exited developers remains a matter of speculation. Fantom’s total value has dropped to just $498.7 million from $8.03 billion in March.
FTM remains vulnerable as price weakens at support
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Source – TradingView
The technical outlook shows that FTM has remained in a downtrend since the mid-August high of $0.4. Both the 20-day and 50-day moving averages offer resistance ahead. An RSI reading of $38 indicates that investors have been selling the token aggressively.
FTM remains vulnerable at the $0.24 support area. There is no bull trigger for the token and the price lacks momentum. The next possible level is $0.21 if FTM buyers do not inspire a retracement in the current range.