Fantom recovery looks in tatters as bulls fail to inspire a comeback

  • Fantom blockchain was touted as a leader in smart contracts

  • Fantom has been losing TVL since the developers exited

  • FTM is under pressure at $0.24

Fantom FTM/USD – a cryptocurrency that once traded at $3.6 exchanges hands at just $0.25. FTM has lost by double digits in the past week. It looks bearish despite recovering 2% in the last 24 hours. Are we set for a further slide or recovery?

In 2021, Fantom blockchain was touted as among the best smart contract protocol for dApps and digital assets. That was due to the blockchain’s high throughput and fast transactions. The expectations that Fantom will drive DeFi growth helped its native token to surge last year. Alongside the utility aspects, such as staking, FTM gained prominence as prices touched new highs.

A totality of uncertainty could be behind the recent drop and weak recovery in FTM. Since the news of the exit of key developer Andre Cronje, Fantom has never been the same. The news was later followed by geopolitical jitters and macro issues, which gave FTM the final blow. These macro events are far from over, while the return of the exited developers remains speculation. The total value locked on Fantom has fallen to just $498.7 million from $8.03 billion in March.

FTM remains vulnerable as the price weakens at the support

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy FTM with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy FTM with Capital.com today

Source – TradingView

A technical outlook shows that FTM has remained on a downtrend since the mid-August high of $0.4. Both the 20-day and 50-day moving averages offer resistance above. An RSI reading of $38 shows investors have been aggressively selling the token. 

Concluding thoughts

FTM remains vulnerable at the $0.24 support zone. There is no bull trigger for the token, and the price lacks momentum. The next potential level is $0.21 if FTM buyers fail to inspire a comeback at the current zone.

All Dutch and English crypto news!

CFTC charges Digitex founder over illegal crypto derivatives platform

The Commodity Futures Trading Commission (CFTC), has brought charges against Adam Todd, the founder of crypto derivatives platform Digitex, according to court documents filed in...

MicroStrategy takes its BTC maximalism to the next level with new engineer hire

MicroStrategy, the business intelligence and tech company that holds the world's largest Bitcoin reserve, is hiring a Bitcoin Lightning software engineer to create a Lightning...

Crypto Biz: The Voyager Digital auction is over. What now?

Voyager Digital filed for Chapter 11 bankruptcy in July after its exposure to the toxic Three Arrows Capital led to its ultimate downfall. This week,...

Bitcoin retests key $20K level- can bulls get a higher close?

Bitcoin price rose sharply again on Friday as a dose of volatility helped BTC add nearly $1,000 within hours to top the $20,000 mark. Indeed,...

Beste exchanges

Koop je crypto bij Bitvavo