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Will the 200 SMA Hold As Support for Fantom (FTM) Crypto?

Fantom crypto has been bearish for more than a month after having an amazing rally from August until the end of November. The bearish momentum in the crypto market has weighed on this cryptocurrency in particular, as it has lost almost 2/3rds of its value. Now, this cryptocurrency is deciding whether to reverse at the 200 SMA or head toward $1, which would be a great place to buy it, so let’s see if Fantom sellers can reach that level.

Fantom Daily Chart Analysis – The 200 SMA Is Still Holding

Fantom was trading at around $0.20 in August, while at the end of October it was trading at $3.50 after a very strong period. The previous highs kept turning into support, helping with the bullish trend. But, the sentiment has turned bearish for more than a month and Fantom has broken below most of the support lines, apart from the last one at $1. Although, the 200 daily SMA (purple) is still holding as support at $1.30s.

The lows are getting higher for FTM coin

Fantom announced the addition of the DIA open-source oracle provider to its ecosystem. Fantom-powered dApps will make oracles end-to-end customizable with  DIA’s integration with the Fantom Opera Mainnet. Now, it will be easier to develop stablecoins, DEXs, staking rewards, lending and borrowing, etc. Besides that, the partnerships with 123Swap makes Fantom more visible and accessible in the crypto world. The partnership with the Swiss-Bangladeshi technology house SELISE also brings it closer to the mainstream.

But, that hasn’t been enough to turn Fantom bullish, as the sentiment in the market remains clearly bearish. The Fantom Opera-based compounding yield optimizer Grim Finance suffered a $30 million hack. In response, the protocol paused all vaults to protect the remaining funds as the exploit puts all vaults and deposited funds at risk. I liked this news when I saw it, hoping that it would send FTM/USD lowe toward $1, although the 200 SMA will have to be broken first, so we are following the price action here to see where we can

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