Fresh omicron fears set risk-off sentiment at the start of the week, and Fantom (FTM) is staring at a 30% wipeout as a result

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The crypto marketplace has followed large planetary indices successful diminution astatine the commencement of trading this week. Investors, triggered by increasing fears of Omicron and hawkish FED sentiment, are taking a risk-off attack to trading. The determination has seen mega-cap coins similar BTC and ETH decline, but Fantom (FTM), the astute declaration platform, appears to beryllium staring astatine an disfigured time if conditions hold. Here are immoderate notable facts:

  • FTM is sliding successful intraday trading, losing crushed by astir 6% astatine property time

  • The terms is intimately approaching the 200-day moving mean of $1.196

  • A monolithic wipeout could beryllium triggered if the terms falls beneath the 200-day SMA

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Fantom (FTM) – terms enactment and analysis

Today’s intraday losses backmost a bearish inclination that we person seen with FTC successful caller weeks. After hitting all-time highs of $3.69 successful October, it’s been thing but escaped autumn for FTC ever since. The coin is 65% little than these highs and has seen $6 cardinal worthy of marketplace headdress gaffe distant during the aforesaid period. 

It doesn’t look similar this inclination is astir to reverse. As noted above, we are watching intimately to spot if FTC breaks beneath the 200-day SMA of $1.19. If so this happens, we could beryllium looking astatine a beardown decline, with immoderate analysts looking astatine shocking intraday losses of astir 30%.

Should you bargain Fantom (FTC) close now

Well, the information is, marketplace conditions close present constituent to a beardown risk-off cognition for investors. This would, truthful not beryllium the perfect clip to buy. If the existent sell-off we are seeing successful equities continues to deed the crypto market, FTC and different altcoins could beryllium successful for a rout. It’s champion to truthful wait.

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