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Fantom (FTM/USD) Slips Over 4% – A Quick Fundamental Outlook

FTM/USD was closed at $1.4289 after placing a high of $1.4759 and a low of $1.3920. The FTM/USD pair remained consolidated but moved slightl

Arslan Butt•Monday, December 20, 2021•2 min read
  • The gains in FTM/USD are very limited because of the strength of the US dollar
  • The DIA deployment on Fantom positively impacted FTM/USD prices over the weekend and drove them higher
  • This news and the prevailing positive sentiment over the weekend added upward momentum to the FTM/USD on Sunday
The FTM/USD closed at $1.4289, after placing a high of $1.4759, and a low of $1.3920. The FTM/USD pair remained consolidated, moving just slightly over the weekend, mainly because of the prevailing market sentiment.

FTM/USD
On Friday, Fantom, the highly stable blockchain platform for DeFi, crypto dApps and enterprise applications, announced the addition of an open-source oracle provider, by the name of DIA, to the Fantom ecosystem. The DIA integration will make end-to-end customized oracles available to Fantom-powered dApps.The DIA deployment of Fantom positively impacted the FTM/USD prices over the weekend and drove them higher. DIA will specifically source data feeds of Fantom Network native assets, by scraping information directly from Fantom native markets, such as SpookySwap, as most Fantom projects operate solely on the Fantom blockchain. It will also enable developers to port Ethereum native apps easily to Fantom’s high-speed network, as Fantom is an Ethereum Virtual Machine.

This news and the prevailing positive sentiment over the weekend added upward momentum to the FTM/USD on Sunday. However, the market sentiment turned positive after BTC/USD turned green, amid the adoption of BTC as a payment method by various big companies worldwide, including Nexon.

However, the gains in the FTM/USD were very limited, because of the strength of the US dollar. The dollar was strong onboard, due to the risk-off market sentiment, which was triggered by rising Omicron variant concerns and the impact this is having on global economic recovery. Furthermore, the greenback has also gathered strength from the latest decision of the Fed to double the pace of bond tapering, coupled with hints from Fed officials about rate hikes next year. Finally, the rising strength of the US dollar limited any increase in the prices of FTM/USD over the weekend, as the two are negatively correlated. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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