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- Fantom (FTM) tokens have also faced dips as the market sentiment turned bearish
- Before witnessing huge losses earlier this week, FTM price was already observed trading in the red zone
- Following Fantom’s last downtrend pared, there seem to be some signs of recovery, but analysts deemed that the scenario wouldn’t be the same this time
Fantom is one of the highly scalable blockchain networks for the decentralized finance sector. As Bitcoin has been in a bearish mood after achieving a new high last month, its action impacted the entire market. Notably, this weekend, BTC lost approximately $10k overnight. Indeed, the crypto market became a victim of the bear attack as it overall lost more than $410 billion worth of market cap. Simultaneously, FTM also had to shed some blood with others in the market. Although this dip wasn’t the first time for FTM, the asset has shown some signs of recovery.
Fantom takes a trip down memory lane
The recent dip being faced by Fantom and other altcoins wasn’t sudden, as the prices were already trading near the red zone for a while. Notably, FTM was almost down by more than 30%, which made it the topmost losing coin at one point. The altcoin slightly recovered after facing some notable downtrend, but it has been down by more than 19% over the past seven days.
However, the investors of FTM have faced a significant dip of more than 25% over just 24-hours. Indeed, the dip came after eight long days of red candles, which took the Fantom tokens down by more than 20%. Overall, the FTM price lost more than 40% over the past nine days.
According to analysts, this wasn’t the first time altcoin investors witnessed something like this. It is noteworthy that the tokens had posted more than 41.5% depreciation earlier last month itself.
Will FTM follow its last trend?
In contrast, precisely after shedding its value in November, FTM price rallied by more than 40% over the next seven days. However, analysts are concerned that the rally won’t be likely this time. Some of the indicators have been noted as being strictly bearish for FTM. Moreover, parabolic SAR’s white dots have just shifted their position to move above the candles, and MACD is absolutely bearish in the current scenario.
On the other hand, it has been observed that FTM has been pretty good at pulling in new investors. Notably, ever since the August rally of Fantom, the STH figures have grown by more than 17%.
Price dip also shot FTM’s DeFi market
The events transpired this weekend overnight and have also impacted the TVL in the Fantom DeFi market. Notably, the total value locked in the market has plunged by more than 16%.
However, as the blockchain’s development continues to evolve rapidly, it could see more investors enter. Ultimately, with more adoption, the price of Fantom could react accordingly.
