USDINR

Bullish Fantom Price Predictions Fail to Get Lift from New NFT Marketplace

Bullish Fantom price predictions emerged after the Fantom Foundation launched a new marketplace for Non-fungible Tokens (NFTs) dubbed Artion. 

Artion provides a zero-commission platform with near-zero costs, rivalling other NFT marketplaces that operate on Ethereum, Binance Smart Chain, Avalanche and Terra.

The new NFT marketplace is to be integrated with Metamask and Coinbase’s DeFi wallet and will support ERC-20 tokens based on Fantom. The new NFT marketplace was created by Andre Cronje and originally comes as a beta version.

However, any bullish Fantom price prediction bets appear to have been muffled by the announcement of cryptocurrencies remaining illegal in China. This statement, made by the Peoples Bank of China on its website, has limited the crypto recovery of the past two days.

Fantom is trading 2.68% higher on the day, giving up some intraday gains in the process.

Fantom Price Prediction

The declining tops on the FTM/USDT chart should give bulls some cause for concern. These concerns have been heightened following the intraday rejection at the 38.2% Fibonacci retracement level of 1.2656. If the price pulls back from this level, the 50% Fibonacci retracement level at 1.0552 and the 0.9415 support levels (9 May high and 21 September low) could become additional price targets to the south.

On the other hand, if the bulls can initiate a recovery beyond 1.2656, the next upside target could be the 23.6% Fibonacci retracement level at 1.5260 (15 September high). Additional price targets lie at the 1.8000 region, but bulls would need to contend with potential resistance at the 1.4000 price mark before these targets are actualized.

Fantom Price Chart (Daily)

Follow Eno on Twitter.