The Fantom network has been making notable gains lately because of its use cases in the decentralized finance sector (DeFi). However, the FTM token is still subject to volatility that plagues the crypto market every now and then. The crypto market is currently on a steep bearish trend, and the FTM token is on the losing end.
Fantom is trading at $1.65 at the time of writing after a 19% dip in 24 hours.
Fantom price analysis
The Fantom token is currently on a sharp decline that has coincided with what is happening across the broader market. Most tokens are trading in the red zone, with Bitcoin dropping to lows of $48K.
With the failing market support, there is a chance that the FTM token could continue with its bearish trend. In this case, it could fall towards the lower support levels of $1.40. The token had dropped to these levels during the past 24 hours, and there is a chance that it could go back there.
The 24-hour low of the token lies at $1.26, and while it has made some slight recoveries from this point, the selling pressure currently in the market could push the token back to these low levels.
Additionally, if the token drops to these lows, it is also possible to create a dip-buying scenario from investors that were left out during the previous bullish rally. If pushing to lower levels creates buying pressure, FTM could recover from its current losses.
As aforementioned, the broader market is a downtrend, so the FTM token has suffered from this volatility. Nevertheless, the token has seen major gains this year in DeFi support and capabilities. It is one of the leading networks in terms of total value locked.
Where to buy FTM
To buy FTM, you can create an account on the following platforms:
You can buy FTM tokens from the eToro cryptocurrency exchange. The exchange supports a wide range of user-friendly features. It also comes with support for a wide range of cryptocurrencies and trading pairs.
You can also buy FTM tokens from OKEx. OKEx is one of the largest exchange platforms globally, and it has a user-friendly interface that makes trading easy on the platform. OKEx also supports over 300 cryptocurrencies.
Your capital is at risk.