Is Fantom’s Price Set To Decline After Coinbase Delisting Announcement?

Fantom (FTM) is under increased market scrutiny due to Coinbase’s upcoming trading suspension, regulatory pressures, and ongoing bearish sentiment for the price.

However, the project’s planned rebranding to Sonic offers a potential avenue for recovery. These developments have placed Fantom at a crossroads, with analysts evaluating its technical and fundamental outlook.

Coinbase to Halt FTM Trading on January 24

Coinbase also announced that it will cease trading of the Fantom (FTM-PERP) on Coinbase International Exchange and Coinbase Advanced.

According to Coinbase, the last 60 minutes before the end of trading, and when the order book closes would be the time used to determine final settlement price of FTM-PERP.

Market experts believe that delisting may worsen the situation since fewer people will be able to access FTM.

Coinbase, however, added that any open positions in FTM-PERP will be force-settled at the start of trading suspension.

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Bearish Sentiment Dominates Market Analysis For Fantom Price

Analysts note several bearish patterns of technical analysis, which are the characteristics of the FTM price performance in recent months.

There is a descending triangle pattern which is known to develop in the same trend direction as the existing one.

FTM has been trading sideways and lower highs, and the next key level to look at is support at $0.60.

If the Fantom price goes below this support, we can expect the price to fall to $0.50 or $0.40. The negative outlook is further backed by FTM price trading below the 50-day, 100-day, and 200-day moving averages.

These levels are now acting like dynamic resistances in preventing FTM from bouncing back in the short-term.

On the 4-hour chart, the analysts have observed the falling wedge pattern which is considered to be a bullish pattern.

In the recent past Fantom price broke out of this wedge at around $0.68 which means that the price could head northwards.

The first resistance level for this breakout is at $0.85. However, if the bullish trend prevails the price may reach $1.40.

The support at $0.68 must be maintained to avoid a downward break of the wedge toward the $0.60 zone.

Rebranding to Sonic: A Strategic Move for Recovery

The company is in the process of changing its name from Fantom to Sonic so as to shift its market position.

This should increase community involvement and polling as well as generate new interest. Sonic will roll out new features in its ecosystem which may improve the usage and demand for its token.

The rebranding could help in attracting the investors. However, the impact on Fantom price will solely depend on the market sentiment as well as the extent of its adoption.

Another factor that might affect the effectiveness of this shift is the fact that the crypto market has recently been paying a lot of attention to compliance issues.

According to industry experts, the social engagement and alliances will be critical for Sonic to steer the right performance of FTM.

What Lies Ahead for Fantom Price?

Fantom is under pressure, with the price sitting in between bearish technical signals and possible bullish reversal patterns.

The $0.60 support level remains crucial. With the breakdown opening the gates for further declines, however, the break of $0.70 could initiate the rally.

The upcoming halt of FTM trading on Coinbase is not helping the situation, but the renaming of the project to Sonic opens new possibilities.

Before the Jan 24th deadline, market participants will pay close attention to the price of Fantom and the activities of the community to determine its direction.