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- 1 FTM/USDT is currently trading at $0.3778 while seeing a change in 24 hours of 1.36%.
- 2 The market cap of the FTM coin is $1.05B and it has a circulating supply of 2.09B.
FTM price, after receiving significant support from buyers in early January, recovered twice its value. It is currently trading above all the major indicators on the daily timeframe. If It is successful in taking a reversal from the current levels with a strong momentum the price may continue moving on a bull trend.
Sharp Decline in Revenue and TVL of FTM Token
The TVL of the FTM token is seeing a crucial decline since last April. A decrease in these values indicates that the investors are taking a pessimistic view regarding the token. The present TVL of FTM is 299.31M observing a change of -0.66% within the last 24 hours.
A Decline in Revenue and Fees of FTM Token
The Fees and Revenue of FTM are also seeing a major decline in their value with the change in TVL. The Revenue generated by the platform reached its all-time high at $6.97M near early January and at present the fees accumulated by Fantum are $7,532K and the Revenue is $2,260K.
These Metrics suggest that the Investors are not as confident as before regarding the token. Though the price of Fantom is trading near a crucial support level according to the daily chart hence the chances are that the price may attract some investors in the near future if it is successful in defending the current support level.
Technical Analysis (1-Day Timeframe )
The RSI line is currently attempting to breach its 14 SMA Resistance. The current value of RSI is 40.73 point’s and the current value of 14 SMA is 39.11 points. The RSI’s attempt to cross above the 14 SMA may also cause the buyers to propel the price upward.
At present, the Stochastic RSI is also imitating the RSI line. It recently made a bullish reversal from the oversold level. The %K recently crossed above the median line. The current value of Stochastic RSI is 57.78 points.
Conclusion
The majority of the technical indicators are affirmative regarding the FTM token. Whereas the TVL and Revenue are observing a severe decline that suggests buyers are not very optimistic regarding the long-term perspective of the token according to DefiLama. Though the price action is bullish as the FTM is trading near an important support level and the price has been respecting it for the past few months.
Technical levels –
Support –$3.000
Resistance – $5.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they 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.
