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

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!