Today, during the Asian trading session, the FTM/USD coin extended its early-day downward rally. It drew some further offers well below the $1.43 level. However, the bullish bias in the crypto market has started to undermine the FTM/USD pair. The bullish sentiment in the crypto market appeared after Bitcoin broke above the significant resistance level of $48,000 against the US Dollar. The Fantom price prediction is bullish over the 1.4100 level, which is being extended by a pivot point level.

Yesterday, Bitcoin climbed 12% and neared the $48,000-mark, but this was only temporary. BTC/USD gave up some of the gains later, but still traded 9% higher, above $47,000. If BTC fails to break through the $48,500 resistance level, the bearish trend could accelerate. The mild bearish stance of the world’s largest cryptocurrency tends to have a negative impact on other cryptocurrencies, including FTM/USD.

Besides this, the weaker bias in the broad-based US dollar was one of the key factors that helped to limit deeper losses in the FTM/USD pair. Currently, the FTM/USD pair is trading near $1.4241. Fantom has dropped by 2.74% in the last twenty-four hours.

Fantom protocol Stake Steak’s token crashes by 99%

Stake Steak, a popular DeFi protocol, is in the headlines today, after it was hacked, with the hackers generating an exponential amount of the platform’s STEAK tokens. Its value plummeted by more than 99 percent shortly after.

The Fantom protocol, which intends to keep the fUSD and USDC stablecoins fixed, was hacked when exploiters obtained a private key from one of its Github repositories. According to the developers of the protocol, in a postmortem provided earlier today, the same thing had been going on for over five months.

The exploits were carried out using two distinct accounts. Because STEAK’s 5 million supply was pre-minted, the first exploiter burned about 140,823 STEAK tokens from the liquidity provider. Following that, the hackers generated the same number of tokens from the hacked deployer account and transferred them to their own account.

They subsequently undervalued liquidity provider coins for the STEAK-FTM liquidity pool and emptied numerous developer wallets. They got away with 80,636 FTM, which was worth $115,309 at the time of publication.

Fantom Price Prediction: Upward Trendline to Support at $ 1.41

The FTM/USD  is trading with a bullish bias, after testing the support level of 1.41, which is being extended by an upward trend line. On the two-hour time frame, the coin is trading with a bullish bias after testing the support level of 1.4100, whereas, at the same level, the 50-day simple moving average is likely to provide major support to the FTM/USD pair.

On the 2-hour time frame, Fantom has formed a bullish engulfing candle, which is likely to drive an upward movement in the market. Therefore, Fantom may find immediate resistance at 1.49. A bullish break-out at that level could lead the prices towards 1.59.

On the lower side, the violation of the 1.41 level could lead the coin prices towards the next support levels of 1.3714 and 1.3200. Thus, let’s look for a buy trade above the 1.4100 level today. Good luck.