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