• 15 June, 2024
Market News

Is Buying Sentiment Fading in Fantom Despite Andre Cronje Endorsement

Investors cheer Defi pioneer Andre Cronje’s endorsement as FTM price doubled in two weeks

Since the beginning of 2023, the Fantom price has given tremendous returns to investors as it has been outperforming its crypto peers. The Fantom scalable layer-1 network enjoys the momentum and narratives for high throughput. A recent promotion from the decentralized finance (DeFi) founder Andre Cronje put Fantom in the limelight.

In his latest tweet, he mentioned 13 reasons for his fascination with Fantom. The first is fast confirmation times as the network boasts sub-900ms finality that could provide a smooth user experience for dApp builders and users.

From a technical perspective, the Fantom price is in the uptrend on the higher time frame. The asset was trading at $0.60, down 0.26% for the day. The trading volume surged 25% to $655,718,604 as per Coinmarketcap.

The formation of multiple doji candlesticks near the higher level indicates a pause in the current trend or a probable trend reversal on the 4-hour chart. The price has been in a bull trend since as per the Relative Strength Index (RSI). However, the RSI line has hovered near the average line lately, suggesting a pullback is around the corner.

Source: Trading view

Bulls find it difficult to sustain the gains of $0.64. After opening higher, the price retreated lower and hovers near the opening level. A daily close below the session’s low would strengthen a bearish bias or a profit booking.

If that occurs, the sellers would be happy to drag the price toward a 0.23% Fibonacci retracement level near $0.57 followed by the psychological level of $0.55.

On the other hand, a successful breach of the $0.63 mark could be sign of the continuation of the upside momentum.

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