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Fantom [FTM] was one of many widespread cash on 13 July. Alas, not for a optimistic purpose. It famous a major drawdown in worth, which introduced it again to the identical ranges it was at a few month in the past. And, by the seems of it, this could be the brand new base for Fantom.
Good day concern
Merely days after rising above the state of utmost concern, the Crypto Worry and Greed Index slipped again into the identical zone it had been caught at since Might 2022. This was the by-product of the continued worth falls, however the identical solely accentuated the sentiment additional.
Being one of many victims of the broader market drawdown, Fantom, inside the timeframe of 10 to 13 July, famous a fall in worth from $2,809 to $2,245. This 20.08% depreciation pushed the altcoin again to its one-month-old degree.
Supply: TradingView
Not solely did the worth take a success, however the buyers’ portfolios had been additionally considerably affected. The recovering earnings had been flipped into losses. Just a little underneath 87% of buyers discovered themselves under their entry worth.
Fantom buyers in losses | Supply: Intotheblock – AMBCrypto
Moreover, a most variety of FTM buyers have witnessed losses within the present sell-off. Evidently, the present market construction isn’t favorable for the altcoin’s community.
A tragic entrance for FTM
On the DeFi entrance, too, Fantom didn’t fare properly for the reason that constant fall in worth motivated buyers to drag their investments from the 252 protocols that exist on the blockchain.
This resulted within the fourth greatest blockchain by Dapps shedding nearly $90 million within the span of 48 hours, bringing the entire worth locked on Fantom to simply $787 million on 13 July.
Fantom TVL | Supply: DeFi Llama – AMBCrypto
Worth indicators haven’t been favoring the bulls. Therefore, Fantom is registering new lows.
The Bollinger Bands (BB), whereas diverging, has been indicating volatility available in the market. Now, with the candlesticks under the bias, worth motion may also tread additional down.
Actually, the Relative Energy Index (RSI) too stayed under the impartial 50 area with out displaying any indicators of an upcoming rise, at press time. (ref. Fantom worth motion picture).
