Will the 200 SMA Hold as Support for Fantom (FTM)?
Fantom has been bearish for more than a month, after having an amazing rally from August until the end of November. The bearish momentum in the crypto market has weighed on this cryptocurrency in particular, as it has lost almost two-thirds of its value. Now, this cryptocurrency is deciding whether to reverse at the 200 SMA or head towards $1, which would be a great place to buy it, so let’s see if Fantom sellers can reach that level.
Fantom Daily Chart Analysis – The 200 SMA is Still Holding
Fantom was trading at around $0.20 in August, while at the end of October, it was trading at $3.50, after a very strong period. The previous highs kept turning into support, helping with the bullish trend. But the sentiment has been bearish for more than a month, and Fantom has broken below most of the support lines, apart from the last one at $1. However, the 200 daily SMA (purple) is still holding as support at $1.30s.
The lows are getting higher for FTM coin
Fantom has announced the addition of the DIA open-source oracle provider to its ecosystem. Fantom-powered dApps will make oracles customizable end-to-end, when DIA integrates with the Fantom Opera Mainnet. Now, it will be easier to develop stablecoins, DEXs, staking rewards, lending and borrowing, etc. Besides that, the partnership with 123Swap makes Fantom more visible and accessible in the crypto world. The partnership with the Swiss-Bangladeshi technology house, SELISE, also brings it closer to the mainstream.
But, that hasn’t been enough to turn Fantom bullish, as the sentiment in the market remains clearly bearish. The Fantom Opera-based compounding yield optimizer, Grim Finance, has suffered a $30 million hack. In response, the protocol has paused all vaults, in order to protect the remaining funds, as the exploit put all vaults and deposited funds at risk. I liked this news when I saw it, hoping that it would send FTM/USD low, in the direction of $1, although the 200 SMA will have to be broken first, so we are following the price action here to see where we can get in.
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