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- The current price of FTM is $0.058 established on the back of the 1.72% increase in the last 24 hours
- The FTM/BTC pair is trailing at 0.000013 with a gain of 1.89% at press time
- MathWallet adds native FTM support and expands access to the FTM ecosystem
FTM price action started depicting exhaustion after accomplishing at ATH of $0.98 on May 10th. The current price of FTM is strolling above a significant support level at $0.56 which was once perceived as resistance.
On diving into the 4-hour chart, the price action is confined inside the ascending triangle pattern which is confirmed as the volume has severely declined when FTM is on the verge of breaking out. A breakout from this bullish structure could set the groundwork for a 70% upswing.
Even though the price action has painted a bullish picture, FTM needs to overcome the challenging resistance of $0.63 (FIB 0.236). This particular level is accompanied by aggressive sellers who are always set to disrupt the momentum.
On zooming out, FTM is about to entertain a bullish crossover on the stochastic RSI of the daily chart. Along with that, the weekly trend was terminated by an enormous hammer candlestick which suggests that the bulls have prevailed and price action will lean towards reversal any moment from now.
How Fantom (FTM) will change the Defi space.
According to the coinmarketcap website, FTM is a direct acyclic graph smart contract platform that offers decentralized finance (DeFi) services to developers using its own proprietary consensus algorithm. Fantom along with inhouse token FTM seeks to address issues associated with smart contracts systems especially transaction time which developers claim has been reduced to less than two seconds.
Fantom has launched the most important bow opera update in his history. The update includes major network optimizations putting Fantom on the list of the world’s fastest blockchain. FTM will now complete transactions in less than one second all thanks to the update.
Fantom revealed that on April 28th, Hyperchain Network- a digital asset management firm had invested $15 Million in the Fantom ecosystem. In the last few days, Fantom has also confirmed partnerships with SuperFarm, Clover, and Orain protocol which are expected to improve its offering and decentralized finance (Defi) and nonfungible token space.
CONCLUSION: The 1-hour chart of FTM has dictated a bullish EMA crossover at press time. The CVIX has flashed a red signal at 76 suggesting that the current market sentiment of FTM is in favor of sharp price fluctuations. Now is an excellent time to buy this Defi beast token because it has been performing well both technically and fundamentally. FTM is an interesting addition to the crypto-verse and has also been successful in making the Defi space all the more friendly.
SUPPORT : $0.56
RESISTANCE: $0.98
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
