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Fantom Blockchain Touted as the Leader in Smart Contracts
Fantom has lost TVL since the developer exited.
FTM is under pressure at $0.24
Fantom FTM/USD A cryptocurrency that once traded at $3.6 now trades at just $0.25. FTM has lost by double digits in the past week. It looks bearish despite a 2% recovery in the last 24 hours. Ready for more slides or recovery?
In 2021, the Fantom blockchain was touted as one of the premier smart contract protocols for dApps and digital assets. This is due to blockchain’s high throughput and fast transactions. Expectations that Fantom will fuel his DeFi growth fueled the surge in native tokens last year. Alongside utility aspects such as staking, FTM has taken center stage as prices reach new highs.
Overall uncertainty may be behind FTM’s recent decline and weak recovery. Fantom has changed like never before since news of the departure of lead developer Andre Cronje. The news was followed by geopolitical unrest and macro issues, dealing the final blow to FTM. These macro events aren’t over yet, but the return of the devs that ended remains speculation, with the total value locked in Fantom dropping from $8.03 billion in March to just $498.70 million. million dollars.
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Source TradingView
According to the technical outlook, the FTM has been on a downtrend since its mid-August high of $0.4. Both the 20-day and 50-day moving averages are showing resistance above. The $38 RSI shows that investors are selling the token aggressively.
FTM remains vulnerable in the $0.24 support zone. The token has no bull trigger and the price has no momentum. If the FTM buyer fails to make a comeback in the current zone, the next potential level for him is $0.21.
