Fantom (FTM) has seen major ups and downs in the past few sessions. As of writing, it was trading at $0.6959, an addition of 5.74 percent. In the past seven days, FTM saw a decline of 17.69 percent, and its intraday trading volume is $254.39, an increase of 18.60 percent.
According to market experts, the weekly price decline has been fueled by Coinbase’s recent announcement that It will delist the Fantom from Coinbase International and CoinBase Advance effective January 24, 2025.
It is worth noting that the delisting of Fantom from the Coinbase ecosystem has fueled a negative sentiment among investors about what will happen with FTM prices in the near future.
The move to delist came following the development happening amid the CFTC scrutiny of the platform in the Polymarket investigation. The official X post of Coinbase dated January 10, 2025 quotes that “ Trading for FTM-PERP will be suspended on Coinbase International Exchange and Coinbase Advanced on 24 JAN 2025 on or around 10:30 AM UTC.”
Coinbase has made it clear that the average index price 60 minutes prior to the trading session suspension will be taken into account when determining the final settlement price.
Will Fantom fall further?
The path of Fantom is seen to be bumpy and experts argue that the price might slip further, according to data from TradingView as of writing, FTM/ USDT was trading below the 20, 50, 100, and 200 days exponential moving average.
If the prices of Fantom continue to fall at the same pace it might soon face the nearest support of $0.6377 followed by $0.4481 and $0.1412. Despite the recent ups and downs in the prices experts remain bullish over the FTM and there are claims that it might break the all-time high that it has acquired in late 2021.
The market sentiment over the past seven days has been somewhat pessimistic, according to IntoTheBlock’s Bulls and Bears indicator. There were 161 bears and 149 bulls in the data.
On the other hand, if bulls succeeded in holding the prices at the same level then there are expectations that it might retest the nearest resistance of $1.2516 and second nearest support is $1.4412.
In the coming days, FTM will change its name to Sonic with a 1:1 swapping ratio. The tentative date of this transition is January 13, 2025, and Binance is one of the proponents. The highest recorded trading price of FTM in the 52-week time frame was $1.47 and it lowest traded at $0.6211.
Crypto market price updates
When writing the cryptocurrency market capitalization was at $3.21 trillion with a decline of 5.98 percent in a week and a loss of over 8.50 percent in the past 30 days.
At the same time, Bitcoin the market pioneer was trading at $94,223 with a decline of 3.95 percent in a weekly time frame. The decline in BTC has dragged its price below 20 days EMA, yet at the same time trading above 50, 100, and 200 days EMA.
Data available on CoinMarketCap states that the intraday gainer list has been topp[ed by Bitcoin SV trading at $58.53 after an addition of 11.99 percent followed by Bitget, XDC Network, THORchain, and Fantom.
