Connect with us

Price Analysis

Fantom (FTM) Shows Aggressive Rally and Hovers Around $2.5

Published

on

fantom-price-analysis

Fantom’s DeFi ecosystem has one “unicorn” with more than $1 billion locked up (Multichain, a dApp that operates on top of all EVM-compatible blockchains), and two platforms, SpookySwap and Tomb Finance, are on the verge of joining the “three commas club.”

The coin’s technicals have continued to indicate a developing positive price trend. With the market continuing to improve, the coin’s price might rise significantly by the end of the year.

Key Takeaways (FTMUSD)

  • Analysts predict a rise in the price of Fantom, with a target of $2.60 set for the scalable blockchain token.
  • The total volume locked on the Fantom network has nearly quadrupled in the last week, reaching a local high.
  • ‘Lachesis,’ an independent consensus layer, secures many tiers in the scalable blockchain network. Fantom offers smart contract chains that are Ethereum Virtual Machine (EVM) compatible, making it appealing to traders and investors.
  • DeFi applications on FantomFDN have added over $1.2 billion since last week.

Price Analysis of FTMUSD

Fear & Greed Index: 27, Fear

All-time High: $3.48

ROI: 15766.97%

7d change: 39.25%

Market Cap: $5,841,059,024

Circulation Supply: 2,545,006,273 FTM

Total Supply: 2,545,006,273 FTM

Daily Chart Breakdown of FTMUSD

FTMUSD Price Analysis

Source: TradingView

After the surge in the FTM market during the past weeks, the market paused and now hovers around $2.50. This could be because of a strong bearish divergence. If the market fails to close above $2.60 on a daily timeframe, we might see a correction towards $2.0 before any bullish momentum.

4h Chart Breakdown of FTMUSD

FTMUSD Price Analysis

Source: TradingView

The FTMUSD market tested the resistance around $2.45 and declined slightly, followed by a weak bullish momentum. In this case, we might see a bear move towards $1.8 or below before any upward move. Otherwise, a break and close above $2.60 will open new opportunities for bulls.

1 Hour Chart Breakdown of FTMUSD

FTMUSD Price Analysis

Source: TradingView

On 1hr timeframe, the price is following a rising trendline, order flow looks bearish, and sentiment looks bearish as well, at this point. A break below the trendline before $2.45 will push the market further below towards $2.0. On the other hand, a break and close above $2.45 will push the market further towards $2.75.

Final Thoughts

At this point, the market’s overall sentiment remains bullish as the year is near to end. Fantom Foundation’s future looks positive as more projects are being built on the platform.

I have been in financial markets since 2013. With a diverse experience of different asset classes, I trade and create educational content for Crypto, Forex and Stock Markets.

Trending