Fantom (FTM) fell in the prior week following the exit of developers Andre Cronje and Anton Nell. Andre Cronje, the developer of Yearn.Finance announced that he was calling it quits together with developer Anton Nell, while tweeting that they were “terminating” 25 projects. The Fantom Foundation clarified this as a miscommunication in a released statement. After days of decline, FTM price made a strong rebound on Mar. 15. At press time, FTM traded at $1.83, up 14.80% over the last 24 hours and down 9.62% weekly. The Fantom Foundation announced its strategic collaboration with crypto exchange Poloniex. Poloniex will support the development of the Fantom ecosystem. In another positive development, users can now bridge funds to and from Fantom via Cross-chain bridge Wormhole. With deposits and withdrawals of mainnet FTM, Crypto.com’s 10 million customers, including US residents, now have easy access to the Fantom ecosystem.
Key levels
Reistance Levels: $1.776, $1.500, $1.300
Support levels: $1.035, $0.938, $0.813
FTM/USD Daily ChartOn the daily chart, a price drop below the moving average (MA 50) implies bearish pressure. Near-term selling also persisted as the no. 38 cryptocurrency fought to stay above the $1.035 support level. Positive momentum is increasing as negative momentum is decreasing, thanks to a surge in positive traction.
After falling below $1.142, Fantom has recovered some of its losses. Buyers’ appearance around the $1.035 handle may seek to strengthen positive rebound after the loss produced nearly 2 week low. The bearish Relative Strength Index, which indicates a pause in downward momentum, adds to the rebound from recent low at $1.035.
FTM/USD 4-Hour ChartBulls are currently supporting further increases in the pair over the intraday high of $1.245, according to the short-term oscillators. Bears, on the other hand, may sell on rallies below the 4-hour moving average (MA 50) of $1.206. If buyers can push the rally past this point, a horizontal level of $1.500 could become the first point of resistance on the upside.
If positive factors begin to fade, preliminary support might come in at $1.142, followed by the lower support level at $1.035. If the bearish trend continues, the price may aim for the next horizontal support at $0.938. The price of FTM/USD is demonstrating a rebound bias, and bulls must push the price over the 4 hour MA 50 barrier at $1.206 to counter bears.
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