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Will the 200 SMA count as support for Fantom (FTM) Crypto?

Fantom crypto has been bearish for more than a month after seeing an amazing rally from August to late November. The declining momentum in the crypto market has this in particular Cryptocurrency burdened as it has lost almost 2/3 of its value. Now this cryptocurrency is deciding whether to reverse at the 200 SMA or head towards $ 1 which would be a great place to buy it. So let’s see if Fantom sellers can reach this level.

Fantom Daily Chart Analysis – The 200 SMA is still holding

Fantom was trading at around $ 0.20 in August, while it was trading at $ 3.50 in late October after a very strong period. The previous highs kept turning into support, which helped the uptrend. But sentiment has been bearish for more than a month and Fantom has fallen below most support lines except the last one at USD 1. However, the 200-day SMA (purple) is still holding out as support at $ 1.30.

Will the 200 SMA count as support for Fantom (FTM) Crypto?, Crypto Trading News

The lows for FTM are getting higher coin

Fantom has announced the addition of the open source oracle provider DIA to its ecosystem. Fantom-operated dApps make oracles consistently customizable by integrating DIA into the Fantom Opera Mainnet. Now it will be easier to develop stablecoins, DEXs, staking rewards, credits and credits, etc. In addition, the partnerships with 123Swap make Fantom more visible and accessible in the crypto world. The partnership with the Swiss-Bangladeshi technology house SELISE also brings it closer to the mainstream.

But that wasn’t enough to make Fantom bullish as market sentiment continues to remain clearly bearish. Fantom Opera-based compounding yield optimizer Grim Finance suffered a $ 30 million hack. In response, the log paused all vaults to protect the funds that remained as the exploit put all vaults and deposited funds at risk. I liked this news when I saw it in hopes that it would take the FTM / USD low towards USD 1 even though the 200 SMA needs to be broken first, so let’s track price action here to see where we can

Source: Crypto News Deutsch

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