Fantom (FTM) could turn the USD 1.8 resistance level into support soon
Fantom is one of the few DeFi chains that has managed to integrate multiple protocols into their network, with more protocols running on it than Solana, Terra and Tron combined. The more complicated issue, however, is the number of logs.
Fantom listed on Binance
Fantom’s job listing on Binance US on December 17th is a big move that hasn’t been in a favorable position lately. Deposits at Binance US are now open and that is another support for expanding Fantom acceptance.
OKEx recently added Fantom to their staking service, but the lack of participation continues to be an issue.
It looks like Fantom lost over 60% of its active addresses in less than two weeks. As a result, the number of on-chain transactions fell by 57% from 4.5 thousand to 1.9 thousand.
Fantom company address | Source: Intotheblock
Additionally, Total Value Locked (TVL) on Fantom has steadily declined, from over $ 5.5 billion at the beginning of the month to currently $ 4.7 billion, catapulting Fantom into 8th place behind Tron and Polygon .
Top 10 DeFi Chains | Source: DeFi Lama
All of these negative developments have forced investors to “stand still” for a while. Even whale movements have fallen from an average of $ 100 million to less than $ 20 million.
Fantom. Whale trade volume | Source: Intotheblock
In addition, the extremely low speed is proof that FTM owners have chosen to hold out until the market shows signs of recovery.
The good news is that the strength of the downtrend appears to be wearing off as the market stabilizes slightly. Given the downtrend in the Average Directional Index (ADX) and the price rebound, it looks like the FTM may soon turn the $ 1.8 resistance level into support.
Fantom price promotion | Source: TradingView
When this happens, Fantom’s 31.3,000 investors can breathe a sigh of relief as their losses turn into gains.
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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.
According to AMBCrypto