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Fantom price prediction after breaching a key support level

 


Fantom price has broken below a key support level as investors remain concerned about the platform's ecosystem. FTM is trading at $1.08, its lowest since September 2021. It is down over 67% from its highest this year.


Fantom has lost momentum

Fantom is a leading Layer 1 network that has become a key competitor for companies like Ethereum and Solana.


The platform has been used to develop some of the most prominent DeFi and non-fungible token (NFT) projects in existence today.


According to DeFi Llama, there are over 200 apps in Fantom with a total locked value (TVL) of over $6.25 billion. This makes it the sixth largest platform in the world after Ethereum, Terra, BNB Chain, Avalanche and Solana.


Fantom price has fallen over 67% from its peak this year on rising concerns about the ecosystem. Last week it was reported that two of the largest developers in the ecosystem left and terminated about 25 projects. The two are Andre Cronje and Anton Nell.


As a result, there were concerns about the health of the ecosystem, pushing Fantom's TVL significantly higher. It fell from over $11 billion in February to $6.25 billion today.


In a statement, the Fantom Foundation downplayed the impact of the two developers' claims. It said the two hadn't finished the 25 projects. Instead, they had transferred the projects to existing teams who developed them.


A closer look at the ecosystem shows that most apps have lost a lot in terms of TVL. For example, SpookySwap's TVL is down 42% over the past 30 days. Over the same period, Geist Finance and Scream are down 31% and 41%, respectively.


Fantom Price Prediction



The daily chart shows that the FTM price has been in a deep downtrend for the past few days. It's down about 68% from its all-time high. A closer look shows that it has fallen below the key support level at $1.1560, which was the lowest level on December 4th.


Fantom price has moved below the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) has fallen below the oversold level.


Therefore, there is a likelihood that the bearish trend will continue in the short term. In that case, the next key support lies at USD 0.90.


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