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Fantom (FTM) continues to fall beyond expectations in the crypto market. Its price today, August 23, is $0.2021 at 5:36 a.m. EST. In the past 24 hours, the coin’s price has decreased slightly, keeping up with its bearish behavior.
Although FTM’s trading volume is up by over 38%, signifying increased activities in the buy zone, the asset’s price loss sparks concern over the continuity of intelligent contracts.
Crisis Ahead for Fantom As Recurring Events, Attacks Depress Price Growth
A 30-day FTM price analysis shows it has declined by 20.3%. It also offers a decline of 15.3% in 14 days and 9% within the last seven days. FTM is 94.15% below its all-time high of $3.46 in 2021 and still has a long way to go before reaching such highs.
Like all currencies, the general market sentiments of last week may have contributed to the depressed price action of Fantom. On August 17, the crypto market went bleak after Bitcoin experienced a significant drop.
While investors attributed the fall to news spreading about Elon Musk Space X selling off its Bitcoin assets, others termed it a combination of factors.
This issue caused an uproar as more sources kept confirming the dump, plunging the price of Bitcoin below $26k. Although, according to CoinGecko, Fantom dropped significantly to $0.1937 that day, other issues responsible for its decline started long before.
Investor’s FUD Increases After Fantom DEX Platform Falls
According to analysis, since the news of the acclaimed arrest of Multichain’s CEO sometime in May, Fantom’s ecosystem has consistently seen setbacks.
Seeing that Fantom and Multichain had a partnership on a bridge network that eventually got exploited for over $125 million, most investors were gripped with FUD, lost faith, and sold their holdings.
For those yet to sell or withdraw, the recent announcement of SpiritSwap’s market closure, a DEX initiative on the Fantom platform, forced their hands. The message sent out via Discord and later on Twitter shows a tendency toward a handover process to another project. As expected, FTM’s community could hardly stomach the trail of bad news, and many dumped their tokens.
It is uncertain if new developments and collaborations will cause a surge or trend reversal. However, short and long-term technical analysis might help point investors in the right direction.
FTM’s Holds Solid Bearish Stance
The current market performance finds FTM/USD engaged in a fallen wedge trading pattern that often sparks interest among traders and investors. This pattern indicates a potential shift from a downtrend to an uptrend as the price range contracts between these converging lines.
Within this fallen wedge, the coin’s price has been steadily making lower and lower highs, gradually declining within a narrowing range. This compression signals a potential breakout, where the price might break above the upper trendline and reverse its downward trajectory.
Meanwhile, if the coin breaks out from the upper trendline and retests, it could trigger a bullish rally, prompting traders to enter long positions. In addition, the market bouncing off from the lower band of the BB indicator shows that the buyers are entering the market.
The Relative Strength Index (RSI) at 32 suggests that the coin might be oversold. Note that an RSI value below 30 typically indicates an oversold market, implying that the recent price decline might have been too rapid, and there could be a potential for a price rebound.
However, it’s essential to consider other market factors to get a comprehensive view of the coin’s current situation before making any trading decisions.
Super Speed Sonik Coin ($SONIK) Leads Upcoming Meme Coins Race
Amidst the recent struggles of the crypto market and leading meme coins, Sonik Coin, a newcomer in the field, has managed to secure over $355,000 in investments.
This feat positions the coin alongside notable accomplishments of other currencies like $PEPE and HarryPotterObamaSonic10Inu, which almost hit a $200 million market cap in under 100 days.
On its tokenomics, the Sonik Coin assures token holders of being able to stake their tokens and earn rewards. For this purpose, a smart contract was created for investors to deposit their tokens and secure their spots in SONIK’s stake2Earn utility system.
On a section of the project’s official website, there is a dashboard where tokens staked are recorded. So far, the amount of $SONIK staked is over 13 million, with an estimated yield of 183%.
Based on designation, 40% are assigned for all staking processes,10% are kept aside for liquidity, and 50% of its tokens are allocated to presales. The presales are ongoing, and a new countdown timer feature has been added for investors to follow up on.
13 Days Left until the end of Super SONIK Presales
As a set hard cap, the Sonik Coin presale plans to raise $2,098,547 at a stable price of $0.000014 per token. The probabilities of a potential uptrend are also high, as the performance so far points to the legendary $PEPE.
To buy $SONIK, potential investors can easily make purchases using ETH or USD transactions in the ongoing presale, after which the coin will be listed on the Uniswap DEX.
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