Understanding the conditions behind the ongoing crypto market crash and Bitcoin stumbling to unfathomable lows is key to assessing the market sentiment. There have been numerous instances when Bitcoin and crypto giants are referred to as stable and storage value assets.
New crypto stablecoin project UST has lost buyer interest. As a result, Bitcoin is being sold to defend the value of UST stablecoin. It has forced Bitcoin to stumble to a 16-month low value of around $26,000 momentarily before regaining some of the lost grounds.
When the market leader is falling, it definitely forces other crypto tokens, stablecoins, and altcoins to fall under sell-off pressure. Initial buyers might not be in a state of panic, but new investors who have lost a massive portion of their portfolio have flung toward saving whatever they can, creating a loop of sell-off.
Fantom has no fundamental weakness, such as the UST’s algorithmic system or performance-oriented worries. FTM still holds the 65th position, mostly in the same range as a few months ago. The only aspect highlighted by this industry-wide fall is the negativity looming around crypto-assets.
Fantom lost 90% of its market value in the last year, while 45% of value was lost in the last 24 hours. Fear and panic have gripped FTM holders just like other crypto prospects.
Will the woes ease any time sooner? Read FTM price prediction to know the future price possibilities of the coin.
Fantom token is also on the verge of a massive fall that could wipe the token from existence. FTM’s market-wide sell-off has brought it to the support levels of 2021, which provided a buying rally to each profit booking in the second half of 2021.
FTM’s return to a similar level indicates few investors are interested in buying this token, causing a free-fall scenario. A 45% decline in a single day without any impending issue shows the fear amongst existing crypto investors.
RSI shows oversold levels below 18, but the sentiment is too weak to induce buying sentiment. Currently, the crypto market includes most of the experimental tokens that could provide a business opportunity for its developers.
As a result of this scenario, lesser impacting crypto projects are being forced out of existence with no invaluable market value. FTM is now worth only $681,737,941, and the only hope investors have is of consolidation near the 2021 support levels indicated by the green line.
Improvement in the market scenario would be vital in bringing any buying sentiment to lesser-known Altcoins. One should refrain from investing currently and not use more than a few percentages of their intended investment. There are indications that the market sentiment may take a few days to bounce back from the current extreme negativity.
Source: https://www.cryptonewsz.com/fantom-looks-oversold-will-ftm-revive/