The pseudonymous host of crypto outlet Coin Bureau says the strong fundamentals of one mid-cap Ethereum competitor could send it on another major rally.
In a new video, the analyst known as Guy tells his 1.55 million YouTube subscribers that FTM, the native asset for the smart contract platform Fantom, still “has a lot more room to the upside” despite its massive 18,407% gains in the past year.
“This is because Fantom’s market cap is medium-sized and its fundamentals are significantly stronger than most of the cryptocurrencies that currently outrank it.
FTM’s tokenomics are also seriously robust. All FTM coins allocated to Fantom’s early investors, founders and advisers finished vesting last November.”
FTM is trading at $2.66 at time of writing and is down more than 7% in the past week, according to CoinGecko.
Guy notes that the only FTM coins being introduced into circulation are coming from the asset’s staking rewards.
“This is happening to the tune of about 500,000 FTM per day, which is just under $1.5 million of daily sell pressure. Now, this small amount of sell pressure is being easily offset by the demand for FTM coming from the growing number of Fantom users and investors.
That said, there is likely some sell pressure coming from the Fantom Foundation’s massive developer fund, though this seems to be minimal, as any FTM awarded to devs is vested monthly over one year.”
The crypto analyst also points out that more than half of FTM’s total circulating supply is being staked.
“And I’m sure most of it is being staked for more than the bare minimum. This reduction in available supply further increases FTM’s ability to fly.
Best of all, FTM has a maximum supply of 3.175 billion, which means inflationary issuance isn’t eating away at its price action.”
Guy forecasts 100% to 200% gains for Fantom for the remainder of the current bull market, and he says it’s “very possible FTM could pump higher.”
Fantom price analysis: FTM value demotes to $2.516 after an immediate decline
- 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.
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.
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.
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.
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.
Fantom [FTM] is in an advantageous accumulation zone; What does it mean for the price?
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.
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.
Fantom COin Price Analysis: FTM Prices Are Ready To Rally Above The $3 If It Breaks The $2.65 Barrier
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.
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.
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
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.