A huge bearish trend is surfaced with Fantom price as soon as the DeFi king Andre Cronje along with Anton Nell announce their departure from the crypto space. The asset witnessed a huge drop of more than 20% suring the weekend, which is continued until the press time. The sudden drop was mainly because Andre Cronje and Anton Nell are among the early developers of the Fantom platform. The founders also announced the shut down of several projects, where-in some of them are on the Fantom blockchain too. Hence, the fear of the FTM price plunging severely haunts the rally.
Amid the external factors are impacting the crypto space, the internal factors are also fueling up the bearish trend. And therefore, the current trend suggests the FTM price may be primed to drop to $1.3 initially and continue plunging lower to hit $1. The reason is pretty simple, the FTM price, since it flipped the bullish trend underwent a massive impulse wave but in the other direction. And it is much primed to undergo the 5th impulse wave which has the projections towards the lowermost levels too.
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One of the popular analysts had figured out some of the notable targets for the FTM price in the upcoming days. According to the analyst, the FTM price may witness a steep drop once it records a bearish candle. The asset may initially hit $1.4 levels, which may continue to drop towards $1. However, the descending trend may not stop here as it could continue below $1 to test $0.7 levels too.
Collectively, the sudden drop with the FTM price came out as a surprise as the asset is expected to drop much below $1. No doubt the asset may flip from the bearish trend every now and then, yet the depleting trend may be carried forward. And eventually may hover in a similar fashion as mentioned by the analyst to hit the $0.7 levels at the earliest.
