Fantom Hits a Major Rock in Its Progressive Upside Movement
It will be wise to say that most crypto investors are not looking to invest in an idea like they do in stock investment. Instead, in the crypto market, people are looking for the next 100x coin. The sudden spike in the launch of the new ICO and subsequent main net release has become so rapid, and people don’t even remember the name of cryptos released last week.
Coming to Fantom, How does a 22x movement sound? Well, It’s not a 100X token, but FTM offers a much higher prospect of becoming a 100X token. Fantom cryptocurrency has faced rejection from its recent all-time high of $3.50 level. This rally has helped Fantom make a place in the top 30 cryptocurrencies in terms of market capitalization.
FTM cryptocurrency offers a much higher prospect because of its attempt at using a slightly modified version of the Proof of Stake mechanism. So what do a Fantom blockchain and its FTM token offer you? Well, Fantom does something similar to Ethereum but with a much faster transaction speed and lower gas fees than the ETH.
FTM calls its validation mechanism a Lachesis. It promises a higher two-second transaction speed with the goal of offering greater compatibility between different transaction networks around the globe.
Fantom has a total market capitalization of USD 7 billion, and with just a 30% movement, it can enter the top 20 cryptocurrencies. FTM has reached this feat with 80% of its liquidity.
Fantom Price Analysis
Fantom has a relatively strong upside movement without any strong retracement that could be a sign of worry. Intense buying action forced the seller’s hands, but given the opportunity, they will attempt to push the value of FTM down. The range between $1.91 and $2.35 has become a strong support level.
FTM has made a high of $3.50 from a low of $0.1533, which counts as a 22 X gain from its current value. Fantom cryptocurrency has shown the trust investors have in its offering and network. As per Fantom price prediction, $1.75 has emerged as a maximum retracement level indicating a shallow scope of FTM reaching this level anytime soon. However, the difference between its 200 DMA and current value is 4x the 200 DMA level, indicating the positive movement within a concise time frame.
Such price actions are considered a gold mine since there haven’t been retracements, but the value keeps rising. FTM has marked a 100% return from $1.75 level to $3.50 level in less than ten days. The rejection from the $3.50 level was carried forward to $2.50 in just two days.
We witnessed a massive sell-off on FTM to the tune of 19%, which was replicated in the price action of other cryptocurrencies too. FTM retraced a healthy 12% at the time of writing, reaching $2.93 from $2.50 within an hour. To be clear, it wasn’t a flash crash but proper profit booking.