Fantom blockchain was touted as a pacesetter in sensible contracts
Fantom has been dropping TVL because the builders exited
FTM is below stress at $0.24
Fantom FTM/USD – a cryptocurrency that when traded at $3.6 exchanges arms at simply $0.25. FTM has misplaced by double digits previously week. It appears bearish regardless of recovering 2% within the final 24 hours. Are we set for an additional slide or restoration?
In 2021, Fantom blockchain was touted as among the many greatest sensible contract protocol for dApps and digital belongings. That was as a result of blockchain’s excessive throughput and quick transactions. The expectations that Fantom will drive DeFi development helped its native token to surge final yr. Alongside the utility facets, equivalent to staking, FTM gained prominence as costs touched new highs.
A totality of uncertainty might be behind the latest drop and weak restoration in FTM. For the reason that information of the exit of key developer Andre Cronje, Fantom has by no means been the identical. The information was later adopted by geopolitical jitters and macro points, which gave FTM the ultimate blow. These macro occasions are removed from over, whereas the return of the exited builders stays hypothesis. The entire worth locked on Fantom has fallen to only $498.7 million from $8.03 billion in March.
FTM stays susceptible as the worth weakens on the assist
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Supply – TradingView
A technical outlook reveals that FTM has remained on a downtrend because the mid-August excessive of $0.4. Each the 20-day and 50-day shifting averages provide resistance above. An RSI studying of $38 reveals buyers have been aggressively promoting the token.
FTM stays susceptible on the $0.24 assist zone. There is no such thing as a bull set off for the token, and the worth lacks momentum. The subsequent potential stage is $0.21 if FTM patrons fail to encourage a comeback on the present zone.