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- FTM coin price is currently seeing a consolidated trend with an upcoming negative crossover
- Technical indicators of FTM suggests a downside trend. FTM/BTC pair has seen a drop of more than 2.2%
Fantom platform aims to offer a fast, secure, and scalable blockchain platform for Dapps .It is built on a new consensus algorithm called “Lachesis,” which is based on a directed acyclic graph (DAG) structure. This allows for faster transaction speeds and lower fees as compared to other platforms Fantom has the ability to process thousands of transactions per second, making it ideal for use cases such as supply chain management and payment processing. It also offers smart contract functionality, which allows developers to build and deploy decentralized applications on the platform. Fantom is a promising cryptocurrency with a strong focus on speed, scalability, and security.
Fantom is currently ranked 60th in the cryptoverse with a strong dominance in its field. FTM volume has seen a drop of more than 30% in the intraday session. Volume to market cap ratio of Fantom coin suggests a downside trend.
Bears Are Ready To Push FTM Down
Fantom coin price is in a strong downtrend from a long time. It has seen a drop of more than 95% from its all time high. The weekly technical chart of FTM suggests a downside trend in price. On coming to the daily chart the asset price is near $0.2 with a drop of more than 3% in the intraday session. Resistance of FTM coin price can be seen near $0.5. Meanwhile the support of the asset price can be seen near $0.15. The asset price is currently trading below the 50 and 100 DMA. There can be a negative crossover which can push the asset price to a new low.
Conclusion
FTM is one of the fastest growing crypto currency in the cryptoverse. FTM is currently in a consolidated trend and can soon see a new high in the future.
Technical Indicators
Major Support:$0.1
Major Resistance:$0.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
