Two Reasons Why Fantom (FTM) Price Could Drop By 38%
FTM Holders Holders in Disbelief
Between March 17 and March 28, Fantom witnessed a remarkable increase in holders. It grew from 109,930 to 111,280, averaging 122 new holders daily, alongside a significant price surge from $0.78 to $1.03.
This stark reduction in the rate of new holders is a bearish sign for FTM's price. It reflects a waning investor interest and a possible shift in market sentiment from bullish to cautious or bearish.
Fantom Price Prediction: Lower Lows
The Exponential Moving Averages (EMA) on Fantom's 4-hour chart have formed a 'death cross.' If the downtrend persists, FTM's price could approach the $0.71 support zone, leading to a potential 38% correction from its current price.
Still, a positive development about the Fantom's Sonic could help in the reversal of this trend. If that happens, a breakthrough above the $0.98 resistance could pave the way for FTM to retest the $1.22 zone, potentially signaling a bullish turnaround for the cryptocurrency.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.