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Fantom (FTM) soars 65% in two days and sets a new price record; understand the high

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Fantom (FTM), the native cryptocurrency of the blockchain Fantom Network, is having the best performance in its history this week when it accumulates gains of 65%. The currency’s bullish movement culminated in a new price record of $2.43 (R$13), reached this Friday morning (8).

CoinMarketCap indicates that in the last 24 hours alone, the FTM has risen just over 24%, the best performance of the day in the Top 100 of the main cryptocurrencies in the industry. At this rate, the asset’s market value also reached a record US$5.6 billion.

The FTM’s price spike reflects the popularity its smart contract ecosystem is receiving in the decentralized finance (DeFi) sector.

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Fantom is a proof of participation (PoS) network that uses Directed Acyclic Graph (DAG) technology and Lachesis consensus algorithm to solve the blockchain trilemma, that is, the ability to simultaneously offer maximum decentralization, high scalability and security network.

Fantom promises on its website to be able to process thousands of transactions per second almost instantly and cheaply, with fees that cost a fraction of a penny. Its blockchain is also compatible with the Ethereum virtual machine (EVM), which allows dApps to use its network to escape the congestion and high fees of the main competitor.

Week of news for the Fantom network

Although Fantom’s mainnet has been in operation since late 2019, its set of attractions seems to be becoming more visible to the community in recent times. This week, two news boosted the price of the FTM: nine network support by blockchain analytics provider Nansen and the launch of Yearn Finance (YFI) in its ecosystem.

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On Thursday, Nansen added Fantom to its list of supported blockchains alongside Ethereum, Polygon and Binance Smart Chain, as reported by Decrypt. The Singapore-based analytics platform facilitates investor trading by providing a network of real-time dashboards and alerts.

The news with the greatest impact, however, is the choice of Fantom as the first alternative blockchain network to integrate Yearn Finance. Until then, the popular DeFi project kept its operations limited to Ethereum, the network on which it was first launched in February 2020.

“The multichain Kingdom waved and Yearn answered the call. Today, we are going to become multichain with the launch of the Iron Bank Fantom”, tweeted the project team. “Fantom is fast, simple to use and easy to connect thanks to Anyswap Network”.

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The effect of the news on the Fantom ecosystem is noticeable beyond the value of the cryptocurrency. According to DeFi Llama, the network’s total blocked value (TVL) — how much money is being trusted in your smart contacts — hit an all-time high of $9 billion on Friday.

Since October began, the project’s TVL has held steady at around $2 billion, until on Wednesday the numbers started to climb to today’s record. In the week, the total amount blocked on the Fantom network has already grown 309%.

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Fantom price analysis: FTM value demotes to $2.516 after an immediate decline

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  • Price has dropped down to $2.52.
  • Fantom price analysis shows downtrend.
  • Support for cryptocurrency is $1.81.

The one-day and four-hour Fantom price analysis confirms a declining trend for the day as the price has undergone a significant drop during the last 24-hours as the coin is correcting after spiking high yesterday. Although the bullish trend reached its peak in the previous week, today’s trend is relatively on the discouraging side. The price reduction has brought FTM/USD value down to $2.52 low, and further loss might be coming ahead.

FTM/USD 1-day price chart: Bearish return initiates price reduction up to $2.52

The last 24-hours have proved favorable for the bears as a considerable rise in the selling activity has been observed. A reversal in trends is to be expected in the next week, as the price has suddenly experienced a drop up to $2.52. The short-term trending line is still ascending as the previous week was relatively on the bullish side. The moving average (MA) value in the one-day price chart is at the $2.210 mark.

Fantom price analysis: FTM value demotes to $2.516 after an immediate decline 1

The Bollinger bands average has moved down to $2.47 during the day. Whereas the upper Bollinger band shows $3.12 of value and the lower Bollinger band shows $1.81 value. The Relative Strength Index (RSI) score has dropped to 52.48, which is quite a neutral figure.

Fantom price analysis: Bears drag down price below $2.51 after latest strike

The four hours Fantom price analysis confirms a bearish trend, as the past few hours have proved to be quite critical for the market value of FTM/USD. The price has dropped below $2.51 as the bears have constantly been struggling to regain the lead. The short-term trending line is now descending as the bearish momentum has been gaining strength for the past few hours. The price is now below its moving average value, which is $2.54.

Fantom price analysis: FTM value demotes to $2.516 after an immediate decline 2
FTM/USD 4-hours price chart. Source: TradingView

The Bollinger bands average has increased up to $2.33 in the past four hours as well. The upper Bollinger band value has shifted to $2.78, and the lower Bollinger band value is now $1.89. The RSI curve shows a downward movement, and the score has dropped down to 61.47 due to the downtrend.

Fantom price analysis: FTM value demotes to $2.516 after an immediate decline 3
FTM/USD technical indicators chart. Source: TradingView

A substantial rise in FTM/USD value has been observed throughout the past few months. This is why the technical indicators chart gives out a strong bullish signal, which indicates an upward trend. There are 16 indicators present on the buying spot, nine hands are on the neutral spot, and one is on the selling spot.

The moving averages indicator shows a solid bullish trend as well. The indicators ratio can further confirm this as 13 hands are on buying point while one indicator is on the selling and neutral points. The oscillators display similar results with eight oscillators on the neutral level, three oscillators on buying level, and zero oscillators on the selling level.

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Fantom price analysis conclusion

The one-day Fantom price analysis predicts a bearish trend for the day as the bearish momentum has been recovered in the past 24-hours. The price has leveled down to $2.52 as a result of the recent downtrend. The hourly price chart displays red candlesticks as well, which is a further indication of a downside. The bearish trend is expected to intensify in the next few days if the current trend continues.

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Fantom [FTM] is in an advantageous accumulation zone; What does it mean for the price?

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Fantom is still among the most popular tokens for investors. After the considerable price jumps in the last months, it may be ready for another leg up. The token is rallying even in the times that many altcoins are ranging. Besides, there are many metrics that show a promising situation for the blockchain and its token. Increasing transaction volumes and TVL are among the top metrics resulting in an uptrend for this blockchain.

One of the most important metrics affecting the price trend of FTM is the spike in TVL on the blockchain. As the data shows, after a considerable jump in early October, the TVL metric has been ranging. But we a new uptrend shaping on the charts in the past days. It may continue with more attraction for investors and users that result in more price jumps for the token.

On-chain data and technical price analytics aren’t enough for predicting a bright future for a token. In terms of Fantom, there are other factors that may result in that future, too. Integrations are very important for blockchains like Fantom, and it seems to be promising these days. A recent announcement says that more swaps are integrating with Fantom blockchain.

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The latest integration is from 123swaps. Fantom blockchain and 123swaps are partnering with each other to integrate the on-custodial, cross-chain, and decentralized swap with Fantom blockchain. 123swap is expanding by adding new blockchains like Polygon, Moonriver, Binance Smart Chain, and Avalanche. Adding Fantom to this group can be profitable for both blockchain and DeFi services. According to the announcement, the recent integration is focused on making 123swap a fully cross-chain service:

“123swap platform has a distinctively decentralized, non-custodial, highly innovative cross-chain framework, and now this platform has made a colossal collaboration with the Fantom blockchain, which provides a beyond comparison ecosystem of essential projects essential applications. The cooperation of these two industries will power up the future of DeFi with the development of a uniquely decentralized cross-chain app.”

These kinds of integrations increase Fantom usage. As the usage grows, we can expect more people buying and using FTM tokens, too. It results in more price jumps for the token. Besides, the hype around the blockchain attracts more investors, and all of them can help FTM move toward higher goals shortly. But there are many competitors for this blockchain in the market, too. We should wait and see their performances and compare them to predict more accurately.

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Fantom COin Price Analysis: FTM Prices Are Ready To Rally Above The $3 If It Breaks The $2.65 Barrier

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The FTM coin offers an amazing pullback opportunity as the price retraces from the 61.8% Fibonacci level in the daily chart. Moreover, the bullish reversal occurs with the rising three method formation near the $2 mark. Hence, the breakout of the $2.65 mark or the 38.2% Fibonacci level should support a rally to the All-Time High of $.3.48

Key technical points:

  • The FTM coin rose more than 25% in the last two days.
  • The price action forms a follow-through candle of the rising three method formation.
  • The intraday trading volume in the FTM coin is $1.28 Billion, indicating a 5% gain.
TradingView Chart
Source- FTM/USD chart by Tradingview

The FTM coin shows bullish reversal as it finds support near the 61.80% Fibonacci level resulting in the growth of more than 30% from the $2 mark. Moreover, the rising three method formation helps increase the underlying bullish sentiments. 

However, a successful bullish rally above the $3 mark awaits the breakout of the $2.65 mark. After that, traders can find excellent buying entry spot if the price sustains above this level.

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The recent bullish reversal breaks above the 20-day EMA after finding demand near the 50-day EMA. Moreover, the crucial exponential moving averages (50,100,200) maintain a bullish alignment. Furthermore, The Relative Strength Index (51) rises gradually in the daily chart as it spikes above the central mark.

FTM/USD Chart In The 4-hour Time Frame

TradingView Chart
Source- FTM/USD chart by Tradingview

In the 4-Hour chart, the FTM price action denotes a resistance level at the $2.5 mark. Hence, traders must stay careful and keep an eye out for a reversal near the horizontal level.

The traditional pivot shows great confluence with the important levels of this chart. As per these pivot levels, the crypto traders can expect the next resistance after $2.5, at $3. mark, followed by $3.48. As for the flip side, the support levels are $2.15 and $1.65.

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