Can Fantom (FTM) recover from a 40% loss like it did in November?
Fantom (FTM) didn’t escape an all-out bear attack as the entire crypto market lost over $ 410.2 billion in total market capitalization yesterday (December 4th). However, this is not the first time for FTM.
Fantom is recovering?
The decline in FTM is not sudden as it has been falling steadily for some time. Yesterday the FTM fell nearly 30% making it the most depreciated coin, but rebounded somewhat and is now down 26%.
But for investors, that 25% drop came just after eight red candles in one day, causing FTM price to drop 20.17%. All in all, this altcoin lost around 40% of its value in just nine days.
However, this isn’t the first time FTM investors have seen something like this. At the beginning of November, FTM also lost 41.6% in exactly 9 days, then rose by 40% in the next 7 days.
Fantom price promotion | Source: TradingView
Well, there is no chance of a rally this time as the indicators for FTM are extremely bearish. The white dots of the Parabolic SAR have just changed position above the candles and the MACD line is completely bearish at the moment.
Even so, FTM did a pretty good job of attracting new investors. Since the surge in August, the Short-Term Hodler (STH) is up more than 17%.
STH FTM | Source: Intotheblock
This also resulted in a significant increase in FTM’s trading volume, which currently averages $ 50.7 million.
Average trading volume of FTM | Source: Intotheblock
However, the drop in prices for the month resulted in almost 30% of all addresses losing money.
FTM addresses lose money | Source: Intotheblock
Events that occurred in the past 24 hours also impacted Fantom’s Total Value Locked (TVL) on the DeFi market, as it lost 16% (nearly $ 1 billion).
TVL Fantom | Source: DeFi Lama
However, Fantom’s network continues to grow at a rapid pace, so more investors could join in and the price could rise accordingly. Anyswap’s integration of the Ren protocol, the bridge between Fantom and Terra, is a case in point.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions