Fantom Crashes to New Lows as Market Panic Sets In
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Fantom's (FTM) value has plummeted by 20% in the last day, now trading at $0.29, a low not seen since October 2023.
This decline has led to significant losses for many holders, with a noticeable increase in unprofitable transactions and long position liquidations in the derivatives market.
Analysis shows a high ratio of transactions at a loss compared to those at a profit, with 72% of wallet addresses currently underwater. Only 23% of holders are making a profit at this price level. The derivatives market has seen $2.16 million in long positions liquidated in the past 24 hours, the highest in two months.
Key indicators suggest further declines, with FTM’s Elder-Ray Index at -0.19 showing strong bearish sentiment and its price falling below the 20-day EMA, signaling increased selling pressure. If this trend continues, FTM could drop to $0.25.
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The broader market downturn has also affected other cryptocurrencies, contributing to the bearish outlook. Investors are now closely watching market trends and indicators to gauge the next movements. The increased volatility in the market is leading to heightened caution among traders, who are seeking stability in an unpredictable environment.
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