The First Dip Below the 50 SMA in Fantom (FTM) Coin, After the Incredible Surge in September!
Fantom (FTM) retreated below the 50 SMA on the H4 chart since the end of December
Fantom has been one of the few cryptocurrencies that has outperformed the rest of the crypto market, particularly in September. Fantom and Solana have been the top performers by far, increasing their value and market cap several times, while the rest of the market has made minor gains during this time.
Even the flash crash was short-lived in these two cryptos, which resumed the bullish trend right away, and proceeded to make new record highs. Axie Infinity token AXS also remained quite bullish after the bearish period ended in the crypto market, but the hype regarding this crypto has come to an end for the time being.
The same fate might await Fantom and Solana as well, as they have retreated lower since Friday. FTM/USD has broken below the 50 SMA (yellow) on the daily chart for the first time since late August, although it is still making higher lows and higher highs, which means that the bullish trend is still on. So, this looks like a retrace down before the bullish trend resumes.
Fantom is the latest crypto to be called the ETHEREUM killer, due to its Directed Acyclic Graph DAG smart contract platform and network. Fundamentals look solid for this digital token, since it has improved scalability considerably compared to Ethereum, and the transaction speed can exceed 300k per second. Main blockchain projects, like Chainlink, Raviton and Band Protocol, are collaborating with Fantom, which has been helping the increase in cryptocurrencies.
Fantom Live Chart
The bullish trend started after Fantom announced a 370 million FTM incentive program on Monday, which now accounts for around $500 million. This programme is designed to attract new protocols and liquidity to the Fantom ecosystem.
So, the bullish trend is expected to continue, as the program rolls out, but the recent hype for this cryptocurrency has faded, and now there is a chance that it might just join the rest of the cryptocurrencies and follow the market up or down.
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