Now that the FUD storm is starting to fade, let’s revisit the Fantom price charts to see what future lies ahead for the blockchain. Covered: Brief Fantom FUD Recap FTM Price Update The Fantom blockchain went through the wringer this past week following the fallout of one of DeFi’s most “beloved” developers (maybe not so […] The post Here’s How Fantom Is Doing Following The FUD appeared first on CryptosRus.

Here’s How Fantom Is Doing Following The FUD

Now that the FUD storm is starting to fade, let’s revisit the Fantom price charts to see what future lies ahead for the blockchain.

Covered:

  • Brief Fantom FUD Recap
  • FTM Price Update

The Fantom blockchain went through the wringer this past week following the fallout of one of DeFi’s most “beloved” developers (maybe not so much anymore), Andre Cronje. Now that the bandaid’s been ripped, where does the smart contract platform stand?

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Brief Fantom FUD Recap

Fantom fanatics were hit with a bombshell in the past week after Andre Cronje, a prominent developer in the Fantom DeFi space, decided to ride off into the sunset alongside developer Anton Nell. In addition to leaving, they announced that roughly 25 DeFi projects would be getting terminated as a result. So much for decentralization, I guess…

The news sent Fantom investors spirally into confusion as panic sellers took haste action to offload before anything worse could happen. And while the dust may have cleared temporarily, let’s check back in with FTM to see where the price is likely heading in the coming months.

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FTM Price Update

At the time of writing, FTM is trading at $1.24 after wicking down to $1.15 last night, down close to 40% from its most recent local top at $2.06.

Now, we can’t act like we’re looking at a relatively bullish chart pattern right now. Aside from the blaring double top we’re seeing, the price has slipped below the 50, 100, and 200-day estimated moving averages (EMAs). Historically, this price action leads to a multi-month “crab market” in which price trends sideways while trying to pick momentum back up.

By the looks of things right now, that’s exactly where FTM looks like it’s headed. Not to mention the countless macroeconomic uncertainties looming overhead, I wouldn’t expect FTM to pull a V-shape recovery out of the hole it’s dug. Investors are highly uncertain at the moment, and any strength in the altcoin market needs to first be led by a strong recovery in Bitcoin to restore confidence back in the market.

Despite all this, however, it does not mean that Fantom is returning to “ghost chain” status. It just means that FTM holders should be prepared to hold through some volatile headwinds.

If you’re a long-term believer in the project, lower prices should be treated as a gift. Andre Cronje was a popular name in DeFi, but the Fantom blockchain has hundreds of other talented developers working on innovative financial products, so I wouldn’t count this layer-1 out yet.

The post Here’s How Fantom Is Doing Following The FUD appeared first on CryptosRus.