Fantom Crypto (FTM) Waiting for A Chance to Run Higher, Shiba Inu Keeps Declining

Posted Thursday, January 27, 2022 by
Skerdian Meta • 2 min read

The uncertainty remains high in the crypto market, as they are unable to put up a decent fight during these 2-3 months of declines. The slide has stopped in the last several days, but they don’t seem to be heading anywhere. The fact that central banks are turning hawkish and the crackdown on cryptocurrencies continues are weighing on the crypto market. Shiba Inu remains on a steady downtrend, while Fantom remains on a bullish trend, but it’s waiting for a chance to resume the uptrend after the retreat.

Fantom Holds Well Despite Market’s Crash

Fantom has been probably the most bullish cryptocurrency in recent month, making new highs even during these bearish times in the market. Although, it has formed a resistance zone below $3.50 at the top, while the area around $2 has turned into support for FTM/USD. The 100 SMA (green) together with the $2.50 level have turned into resistance now, so Fantom is just consolidating as it waits for the market sentiment to turn positive, so it can resume the uptrend again.

Fanton is a very promising blockchain and it is attracting large investors such as Grayscale, which will help keep the sentiment bullish for this coin. High yield rewards (up to 50%) and newer projects such as veDAO and OxDAO are helping the Fantom grow, attracting TVL to the network. Transactions on the network surpassed 1.2 million earlier this week, which is more than 1.1 million in Ethereum. So, the uptrend will continue for this cryptocurrency and we are hoping that it retreats a little more so we can buy it lower.

The Decline Doesn’t Stop for Shiba Inu

Shiba Inu has entered a bearish zone below $0.000024

Shiba Inu missed most of the bullish momentum in August last year, but it turned bullish suddenly, surging more than 1,000% higher until the end of that month. But once again, it couldn’t hold the gains and since then the decline has been very steady, with moving averages acting as resistance on the daily chart.

The support and resistance zone above $0.000030 held for some time, but it was broken as the downtrend resumed again this year and now the 200 SMA (purple) has turned into resistance for SHIB/USD. Now, the price is trading below the next support at $0.000024 and it is not showing any signs of life.

Although, that has been the case with this coin. The jumps are sudden and they are huge. Robinhood’s CFO Jason Warnick hinted that the platform could offer Shiba Inu for trading after more clarity on the regulatory landscape and if that happens it could be the catalyst for another surge. But we will wait to see if the decline will take SHIB down to the next support levels, which would be great to buy.