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Price Analysis

Will FANTOM Hit $5? Yes, If THIS Happens

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Fantom, like other cryptocurrencies, showed recovery during the past two weeks and gained 18.38% just last week. Fantom announced a week ago that crypto lending institution Nexo would add support for FTM, Fantom’s native mainnet asset.

Along with Fantom’s native mainnet token support, Nexo’s 3+ million users will now be able to engage with Fantom’s FTM token while also benefiting from the platform’s security. Due to Ethereum’s notoriously high gas prices, other rivals are a significantly more appealing proposition since a transaction might wind up costing only a few cents and being completed in a matter of seconds.

Layer-1 Fantom blockchains give the security associated with Ethereum while also offering quick transaction speeds and minimal gas expenses. The extremely scalable Fantom blockchain has surpassed Binance in terms of total value locked, making it the third-largest blockchain in decentralised finance.

Key Takeaways (FTMUSD)

  • “For both retail users and corporate clients, Nexo plays an essential role in bridging the worlds of banking and crypto. But even more, as they innovate in that space, they’ve succeeded in outperforming banks in customer support and services. We are thrilled to be working and community-building with them.” Said Fantom CEO Michael Kong.
  • “With Fantom overtaking Binance Smart Chain in total value locked, we are happy to offer our users access to unrivaled financial services for FTM. This integration is just the latest in a series of rapid-fire listings which have turned the Nexo platform into one of the most efficient gateways to the DeFi ecosystem,” said Elitsa Taskova, Product Owner at Nexo.

Price Analysis of FTMUSD

Fear & Greed Index: 45, Fear

All-time High: $3.48

ROI: 15888.79%

24h change: 7.87%

7d change: 18.38%

Market Cap: $5,874,417,830

Circulation Supply: 2,545,006,273 FTM

Total Supply: 2,545,006,273 FTM

Daily Chart Breakdown of FTMUSD

FTMUSD Price Analysis

Source: TradingView

FTM’s price is moving in a triangle pattern on the daily timeframe. The price bounced above the rising trendline’s support. A break above the upper boundary of the triangle would push the market towards the $5.0 mark – the target is based on the triangle’s height.

4h Chart Breakdown of FTMUSD

FTMUSD Price Analysis

Source: TradingView

FTM’s price broke out of a triangle on the 4h timeframe, and the expected target should be around $2.90.

1 Hour Chart Breakdown of FTMUSD

FTMUSD Price Analysis

Source: TradingView

A break above $2.50 will push the FTM towards $2.90. after a breakout above $2.50, we should expect a restest of $2.40 area before the next rally.

Final Thoughts

Thanks to Fantom ecosystem’s innovative features, Fantom’s investors are hopeful for FTM to go to $5.

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.

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