The boring period continues for altcoins. In fact, some of them have even reached their lowest prices of the year. The drops that worry investors raise the possibility of refreshing historical lows. So what are the expectations for Fantom (FTM) Coin? How much longer is the decline expected to continue?
Will Fantom (FTM) Rise?
The price of Fantom (FTM) has reached a critical level for investors. At the time of writing, the altcoin, which found buyers at $0.24, started the day in red. Thus, FTM fell to yearly lows below $0.26. This situation is also exciting for investors because the price has seen impressive recoveries from critical levels during similar retest periods in 2021, 2022, and 2023.
However, some dynamics and developments may delay the corrective recovery of FTM. Local Fantom ecosystem projects such as Curve Finance and SpiritSwap were recently hacked. Although Binance Labs rescued Curve Finance by expanding it to BNB Chain through a strategic agreement, the latter had to halt operations.
FTM Coin Review
As seen in the chart below, FTM price has experienced significant recoveries in the dip areas. The yearly lows serve as demand zones with a rising order block on the monthly chart. Since the demand has doubled here, investors have the possibility of seeing a bounce in the $0.17-$0.26 range.
The retest of the rising zone in mid-June pushed FTM above $0.3. At the time of writing this article, FTM has again fallen to yearly lows and the monthly rising OB. With RSI and CMF staying below significant thresholds, FTM may start searching for a new low in the $0.2 to $0.15 range. If there is a recovery, the target in this scenario will be the $0.32-$0.33 range.
Demand for FTM Coin is weak in derivative markets, which can delay the recovery in addition to the hack incidents. Bears will likely be looking for a safe entry point for short selling while expecting a deeper low.
In the coming days, we may see an announcement regarding the integration of Fantom with Ethereum through optimistic rollups. This can contribute to the price as it allows access to liquidity in the Ethereum ecosystem. If there is a recovery, this or another surprise development will trigger it.
