Fantom Is Struggling to the Upside
Fantom (FTM) is down 17.7% this week, trading at $0.4310, significantly underperforming the broader market. Bitcoin (BTC), by comparison, has dropped 7.2% to $59,450. The precise reasons for the broader crypto market decline remain uncertain, though some traders speculate that it might be linked to the detention of Telegram founder Pavel Durov in France. Although Durov was released on €5 million bail and prohibited from leaving France, the crypto market has yet to show signs of recovery.
FTM has been attempting to break through the resistance of its descending channel but has struggled due to the overall market pressures. The token is currently trying to rebound from the support level at $0.4000, but it remains challenged in surpassing the resistance. On a positive note, the Fantom project team is actively promoting their new Sonic network, with the Fantom Foundation investing $200 million in its development. Should the broader crypto market stabilize, FTM could have a strong chance of breaking through the resistance and exiting its descending channel.
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