Fantom (FTM), an open-source smart contract platform created for decentralized applications and digital assets and to provide an alternative to Ethereum, has experienced a pullback compared to the market and other altcoins when we look at the past.
The news of farewell to cryptocurrencies of Andre Cronje, who also heads the Technology Council of the South Korean Fantom Foundation, the software developer who made significant contributions to the center and the community as the reason that could cause this withdrawal, caused withdrawals in many projects connected to this ecosystem.
When we evaluate it from a technical point of view, Phantom (FTM), depreciated by about 25%.
Having fallen sharply to 1.30 levels since January 17, Phantom ( FTM ), trying to hold above the important regional support level.
At the same time, the double bottom structure formed above this level draws attention.
With the break of the oblique resistance from January, it coincides with both the $2.04 important resistance area and the neckline of the double bottom region, and with the realization of this breakout, the above-mentioned region levels can be followed after the upward trend again.
Otherwise, the downside break of the $1.3 and $1.16 band levels will occur and Using this zone as a resistance task could also continue the declines by pulling back to the $0.90 support.
In addition, the price is also moving below the MA (50/100/200) of the moving averages on the daily timeframe.
With this project, it may be possible to see the positive reflections on the price with the effectiveness of the developers and the recovery of the market.