Fantom [FTM] was one of many well-liked cash on 13 July. Alas, not for a optimistic motive. It famous a big drawdown in worth, which introduced it again to the identical ranges it was at a few month in the past. And, by the appears of it, this could be the brand new base for Fantom.
Hey concern
Merely days after rising above the state of utmost concern, the Crypto Concern and Greed Index slipped again into the identical zone it had been caught at since Might 2022. This was the by-product of the continued worth falls, however the identical solely accentuated the sentiment additional.
Being one of many victims of the broader market drawdown, Fantom, inside the timeframe of 10 to 13 July, famous a fall in worth from $2,809 to $2,245. This 20.08% depreciation pushed the altcoin again to its one-month-old degree.
Not solely did the worth take successful, however the traders’ portfolios have been additionally considerably affected. The recovering income have been flipped into losses. A bit of beneath 87% of traders discovered themselves under their entry worth.
Moreover, a most variety of FTM traders have witnessed losses within the present sell-off. Evidently, the present market construction isn’t favorable for the altcoin’s community.
A tragic entrance for FTM
On the DeFi entrance, too, Fantom didn’t fare effectively for the reason that constant fall in worth motivated traders to tug their investments from the 252 protocols that exist on the blockchain.
This resulted within the fourth greatest blockchain by Dapps dropping nearly $90 million within the span of 48 hours, bringing the entire worth locked on Fantom to simply $787 million on 13 July.
Value indicators haven’t been favoring the bulls. Therefore, Fantom is registering new lows.
The Bollinger Bands (BB), whereas diverging, has been indicating volatility available in the market. Now, with the candlesticks under the bias, worth motion may also tread additional down.
The truth is, the Relative Power Index (RSI) too stayed under the impartial 50 area with out displaying any indicators of an upcoming rise, at press time. (ref. Fantom worth motion picture).