Fantom (FTM) price fails to overcome resistance repeatedly!
Fantom aims to revolutionize blockchain technology in terms of scalability, security, and decentralization. It is a permissionless, open-source platform that allows developers to create decentralized applications and digital assets. It was launched in December 2018 on its mainnet.
FTM is the native token of this network. It was developed as a layer one distributed ledger with the intention to offer smart contracts using Direct Acrylic Graph for seamless interaction between computer nodes within the network. As a result, it offers fast and secure transactions better than many other blockchain technologies.
Besides that, the FTM token can be used for staking and governance on the network, but it has a large number of competitors in the industry, so marketing teams have to work on expanding their use cases to sustain for the long term.
While writing, FTM was trading at $0.231. $0.247 is a strong resistance for the token and may not cross this level soon. However, if Fantom forms higher highs, it will break the level, which will be a better time to invest for the short term.
Candlesticks are forming around the baseline of Bollinger Bands, and other technicals are currently neutral. After taking support around $0.2, FTM has taken a positive momentum, but it may not be the right time to turn bullish for the short term. For a better investment decision, read our FTM coin price prediction for the next few years.
The weekly timeframe has taken support below $0.20, which is lower than the previous support of $0.22. The last weekly candle was bullish, but now it has turned bearish and formed a weekly red candle. We believe Fantom may form lower highs this time because candlesticks have been forming in the lower Bollinger Bands.
We do not think it is the right time to invest in the FTM token for the long term. You can accumulate some coins if you are interested in Fantom. Add it to your watch list and wait for the ideal time of investment.