FTM drops 6% in 7 days: Will Fantom's achievements save it?

The Latest Update On Fantom’s Closed Testnet

In the world of cryptocurrency, Fantom’s closed testnet has reached a significant milestone: over 4 million accounts have been created. The platform has also surpassed 375 million transactions to date. Despite these achievements, the market indicators for Fantom (FTM) are bearish. Let’s take a closer look at the latest developments.

## Fantom Closed Testnet is performing well

The Fantom Foundation shared an update on their closed testnet’s performance on November 27th. According to the foundation, the testnet is back with approximately 4,000 transactions per second at a finality rate of around 1.3 seconds. The testnet has been processing transactions that resemble realistic traffic, showcasing the performance of the network in real-world conditions.

## FTM is going the other way around

Unfortunately, the price action for FTM does not mirror the success of its closed testnet. CoinMarketCap reports that FTM has experienced a more than 6% decline in the last seven days, currently trading at $0.29 with a market capitalization of over $813 million. One possible reason for this downtrend is the decrease in selling pressure, as evidenced by Santiment’s data.

When we dig deeper, we find that Fantom’s Relative Strength Index (RSI) is trending downwards and the Moving Average Convergence Divergence (MACD) signals bearish conditions. On a positive note, FTM’s Bollinger Bands indicate a reduction in volatility, which could stabilize its price. The Chaikin Money Flow (CMF) is also showing bullish signs.

While the market scenario for FTM may not be ideal at the moment, the underlying technology and network growth of Fantom’s closed testnet continue to show promise. As the testnet undergoes further changes in the coming months, it could positively impact the adoption and utilization of the Fantom network. As always, cryptocurrency markets are volatile and subject to change, so it will be interesting to see how Fantom’s closed testnet and FTM prices evolve in the future.

### News source: eng.ambcrypto.com

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By Team