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- 1 Fantom has observed a decline in TVL from the high of $7.5 Billion to $256 Million
- 2 FTM technical indicators are currently favoring a bearish momentum in price. It has observed a drop of 2% in ETH pair.
Fantom is a smart contract platform which provides Defi services to developers using its own consensus mechanism. Fantom aims to resolve the problems like transaction speed of the current smart contract platforms. It was launched originally in 2018 with OPERA and its mainent came into existence in 2019. The smart contract platform is currently used for developing Dapps and is used as an alternative for Ethereum.
Fantom foundation was founded by South Korean Scientist Dr.Ahn. Fantom’s aBFT consensus protocol helps to deliver an unparalleled speed. The number of transactions on Fantom has observed a decline in the past few days. There are over 200+ dapps currently deployed on the Fantom Blockchain. There are over 65 validators present on the Fantom network. There are over 67801766 accounts on the mainnet of Fantom. Meanwhile, the number of Unique addresses on Fantom network has observed a exponential rise in the past few months.
Fantom has a market cap of $1.02 Billion. The volume of asset price has seen a decline of 8% in the past 24 hours. The V/M ratio of digital asset price suggests a consolidated trend in price.
Are The Bulls Of Fantom (FTM) Gearing Up?
The weekly technical chart of Fantom suggests a consolidated momentum in price. On the daily chart it is trading near the value of $0.36 with a small gain in the intraday session. FTM price has been forming a bullish consolidated pattern on the daily chart. The upside momentum of the asset price can observe a halt near $0.42.Meanwhile, in case of a downside momentum FTM can see a bounceback from $0.3.
Fantom price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the future which might push the price to a new low in future.
The RSI of Fantom is near 37 suggesting its presence in the neutral zone. There is a strong downside slope in RSI hinting towards a bearish momentum.
Summary
Fantom has seen a strong decline in TVL and consolidation in social engagement. FTM price is currently seeing a consolidated trend but can see a new high in future.
Technical Levels
Major Support:$0.3
Major Resistance: $0.42
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
