Is Fantom (FTM) Finally Ready for Narrative Shift since Nell-Cronje Exits?
You will undeniably agree that 2022 Q1 had Fantom (FTM) on a roller-coaster of events. Firstly, Anton Nell and Andre Cronje, Fantom Foundation’s senior members, tweeted about leaving the crypto and DeFi markets.
FTM prices responded to the news with massive declines. Though the alt recovered, it soon declined even harder in April, and it might be time to evaluate the metrics for a clear picture.
Fantom Bulls on FML Mood
Early sessions on May 2 had Fantom on the highest daily gains among the top 50 cryptocurrencies but have dropped since then.
While writing this content, FMT ranked 49th in the crypto list by market volume, trading near $0.756 following a 12.34% increase within the past day. Nevertheless, the previous seven days left the alt 23.01% down.
Cryptocurrency exchanges usually witness interesting scenes unfolding amid higher volatility levels. FTM saw its exchange supply on a sharp decline, indicating dip-buying activities by enthusiasts. Nevertheless, potential reversal signals surfaced.
Furthermore, Fantom witnessed an upsurge in whale transfers worth over $100K on April 29 and 30. Since price upticks accompanied the developments, whales accumulated Fantom tokens at discounted prices. Nevertheless, it is unclear whether smaller investors can consider the trend.
Also, the Adjusted Price DAA indicator flashed red bars regardless of the token’s substantial rally at this publication.
While publishing this blog, FTM traded at $0.7807. Though the altcoin contemplates upswings, it will rely on broad market sentiments. For now, the crypto space extends the struggle that dominated the past few sessions. Bears control the marketplace as they halt all recovery attempts.
The market capitalization of all cryptocurrencies reflects the bearish momentum. While writing this content, the global crypto market value stood at $1.74 trillion, losing 0.81% over the previous day. Also, Bitcoin remained below the $40K level, trading near $38,513 at this publication.
Can FTM Defy Fate?
Though you can concentrate on price and forget other metrics, it’s crucial to consider the project’s DeFi market to determine its health.
While publishing this blog, Fantom had its TVL at $4.08 billion, showing a 6.02% increase over the previous day. Nevertheless, will FTM keep this trend or succumb to bearish momentum again?
Editorial credit: Ira Lichi / shutterstock.com