• Fantom token FTM risks a 90% drop, based on technicals and on-chain metrics.
• Can Uniswap deployment save the dormant Fantom?
• Columbia University’s tech unit proposed to deploy Uniswap onto the Fantom blockchain after its BSL expired.
Fantom Token Risks a 90% Drop
Fantom token FTM soared 240% in Jan 2023, however, it dropped 50% since and was trading at $0.33 on May 24, 90% below its 2021 record high. Technical analysis predicted a further 90% drop that would slash the FTM price to near zero. On-chain metrics also backed up this bearish prognosis: Fantom’s market dominance had fallen from 2.51% in Jan 2022 to 0.62%, and its total value locked (TVL) had plummeted from its highs of 2022 to just $266 million at the time of writing. USD transaction volume and social dominance were also dropping alongside the price decline.
Can Uniswap Deployment Save Fantom?
Columbia University’s tech unit “Blockchain@Columbia” proposed deploying Uniswap, one of the largest decentralized exchanges, onto the Fantom blockchain after its Business Source Licence (BSL) expired on April 1st and transitioned to General Public License. This gave developers freedom to fork Uniswap V3 as well as creating a potential opportunity for saving Fantom from further decline by introducing more liquidity into the network through Uniswap migration.
FTM Forms Descending Triangle
The technical pattern known as ‘descending triangle’ was formed by FTM after peaking on Feb 1. The descending triangle entails a flat support line preventing sharp declines and a falling resistance that caps upside attempts – predicting an eventual drop equal in size to maximal triangle height which targets FTM price at nearly zero, representing a 90% decline for the token. On May 24th FTM arrived at an important support/resistance level relevant since May 2022 but negative sentiment surrounding it remained unchanged due to falling trading volumes and negative MACD readings..
UniSwap Migration Could Offer Lifeline
Columbia University’s team offered a possible solution for saving Phantoms fortunes with their proposal of deploying UniSwap onto Phantoms blockchain; an initiative that could offer increased liquidity into their network should it be approved along with other possible solutions such as new partnerships or product releases intended to bring higher levels of engagement back into Phantoms ecosystem .
Despite having surged 240% earlier this year, Phantoms (FTM) fortunes have been rapidly declining over recent months leaving it likely facing a further 90 percent loss in value unless some form of lifeline can be found soon such as UniSwaps migration or other initiatives bringing fresh interest back into Phantoms community .