The price of Fantom (FTM) has dropped by over 12% as the network transitions to its new token, Sonic. This decline has further worsened FTM's downtrend, with technical indicators indicating increasing bearish momentum. The number of whale wallets holding FTM has also decreased, suggesting reduced confidence among large holders. Traders are closely watching for FTM to either break lower to $0.64 or recover to levels above $1.13. The Average Directional Index (ADX) for FTM has surged to 39.94, indicating a strong downtrend. Unless there is significant buying interest, FTM is likely to continue facing declines. Furthermore, the decreasing number of whale wallets suggests potential weakness for Fantom in the short term. FTM is currently trading within a range defined by support at $0.84 and resistance at $1. If the support fails, the price could drop significantly to $0.64. On the other hand, breaking above the $1 resistance could signal a sentiment shift and a rise to $1.13. An uptrend would depend on increased buying interest and a reversal in the current downtrend.



Other News from Today