Fantom’s failure to take off at $0.28 could see the price drop to below $0.1

• Phantom tokens trade at $ 0.25, slightly below $ 0.28 support.

• The phantom network suffered from a weakness in the crypto sector and the developers withdrew.

• If $ 0.28 is not retained, FTM can find the next support for $ 0.5.

The Phantom Network FTM / USD grew exponentially in 2021. Growth continued in January of this year as native tokens recovered to near record highs. However, the Phantom subsequently suffered a weakness that swept the entire sector.

Fantom experienced a recession in March of this year. Two of its key developers have announced the end of their once booming crypto project. Andre Cronje, one of the lead developers, contributed to Fantom’s growth. After that, Fantom’s native token crashed and the market didn’t get the news well. The total value of locked networks has decreased by more than 21% 24 hours after the news. Today, Fantom boasts a $ 842.25 million TVL. TVL is well below the record high of $ 12.79 billion as of January 25.

The phantom was bearish as network problems continued. There have been speculations about the return of developers, but nothing has been confirmed to date. Alongside the crypto segment crash, Fantom remains under pressure.

Fantom trades slightly below $ 0.28 support

Source TradingView

From a technical perspective, FTM trades around established support at $ 0.28. The current price is $ 0.24, but it’s not enough to call it a breakout. Prices are under pressure as nothing in support confirms a bullish reversal. The 21st and 14th moving averages provide the above resistance. The MACD indicator is in the bare zone. We anticipate a further decline in Fantom tokens. If the $ 0.28 zone is not retained, the next support will be established at $ 0.05. However, cryptographic volatility means that prices can recover quickly.

Conclusion

Fantom is under pressure with $ 0.28 support. Although not yet successful in the decline, technical indicators support low prices. If support is not maintained, crypto tokens can drop further, the next level is $ 0.05. If crypto fundamentals improve, prices could reverse beyond the next support.