Fantom (FTM) Looks Strong After Breaking the $2 Resistance

We all have heard how different blockchains are accommodating different trading systems. While some support the smart contract ecosystem, others contribute towards the decentralized finance or DeFi domain. Fantom is one such network that offers a faster, efficient network without using the blocks system, and rather it uses a system of Directed Acyclic Graph or DAG.

DAG is a relatively fresh concept that uses vertices and edges, where each transaction is recorded by one vertice instead of a block. Like blockchain, Fantom uses nodes, and each node must perform a proof of work task to submit the transaction. Now, Fantom is offering their bespoke consensus algorithm, which uses their FTM token to speed up the transaction speeds.

Using FTM cryptocurrency, the developers of the Fantom network can achieve an ultra-fast transaction speed of fewer than two seconds. The Fantom Foundation does this network’s fundamental research and development, and it has been available for trading since 2019. 

FTM cryptocurrency now holds the 35th position in terms of market position and has spiked by more than 75% in the last seven days. FTM has a total in circulation supply of 80% tokens, holding a market capitalization of a little above $5.76 billion. The sudden buying spike in FTM cryptocurrency has helped it jump more than ten places from under 45 to 35th rank. 

FTM Price Analysis 

FTM has been on a bullish path, and the buying sentiment has negated the September fall and profit-booking by a huge margin. In the last three weeks, FTM cryptocurrency has risen by more than 175%, and as of yet, shows no sign of slowing down.

FTM Price AnalysisFantom has received a ghost push as this cryptocurrency has exploded in market capitalization, reaching from $0.15 to $2.23 in less than three months. Investors of FTM would have been sitting on huge profits, and as the DeFi ecosystem expands, the cryptocurrencies aiding in easier transition and completion of smart contracts will be exploding. Who knows, FTM can become the next 100x coin by reaching a value of $15 in the coming days. 

On technical fronts, the support of $1.00 psychological level can play its hand in pushing this crypto value to a new high. Other than the $1 level, the 200 DMA level of FTM sits around $0.50, which is another bullish sign. The higher gap between the currently traded value and its 200 Days moving average indicates a sudden sentiment change. As such, FTM can stabilize and attempt to close the sudden moving average gap before taking another leap towards the 100x targets. 

MACD indicator marked a golden crossover just a few days back with confirmation on October 05, 2021. Since that day, FTM has spiked by more than 70% on a closing basis. RSI is also trading on an all-time high level, indicating immense buying sentiment daily. $2.00 will be instrumental in deriving further price action on FTM cryptocurrency.

FTM Price Analysis ChartFTM was moving up from $1.00 levels in a consolidation level but with a small bullish sentiment. This trend-setting system has marked a breakout on October 07, 2021, that has helped FTM jump by more than 55% in less than 48 hours. The sudden spike in buying sentiment and volumes on the four-hour chart indicates something being set up on a broader scale.

Since the breakout has happened from $1.60 levels, the maximum retracement that we could witness here in case of a major profit booking or buyers taking leave will be $1.60. So this level could also be used as a buying level on all charts for now as per our Fantom (FTM) price prediction.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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