Will Fantom (FTM) Live Up to the Hype in the Long Term?
Fantom is a decentralized smart contracts platform for decentralized applications. It is an open-source platform that is a strong contender against Ethereum. It aims to focus more on blockchain networks’ scalability and security issues.
Unlike Ethereum, Fantom uses Proof of Stake consensus, which is eco-friendly and reduces the use of carbon footprint and power consumption. It uses the Asynchronous Byzantine Fault Tolerant algorithm, making this platform unique from its peers.
FTM is a native coin of Fantom, which is popular in the market, especially due to the Fantom fanbase and the future of this platform. It provides all the features that Ethereum poses with added security, scalability, and other benefits.
Please note that Fantom creates hype like many other decentralized platforms, but it has to live up to the hype to gain momentum in the long term. However, it is true that FTM is a strong competitor of the ETH, especially in decentralized application platforms.
You have to understand the technical and fundamental sides before investing for the long term because many cryptocurrencies are similar to each other, and many such coins will be listed within a few years. If you wish to know more about future projections of FTM token, you can check out our Fantom price prediction.
At the time of writing this post, FTM was trading around $0.41. Though the FTM coin looks bullish in the short term, it will face resistance around $0.64. Now FTM will begin to rise because most technical indicators are bullish, and crypto markets received an inflow of money in the last few days.
On the daily chart, the MACD indicator has formed 12 consecutive green histograms. RSI is also strong, besides that, the last few candlesticks are forming in the upper part of the Bollinger Bands. Overall, it is a good time to invest in the short term.
In the weekly chart, FTM has been forming higher highs and higher lows, but it broke the trend in the first week of March. It has been forming support around the $0.35 level, and it may bounce back in the next future.
Most technical indicators are bearish, but we think it is the ideal time to accumulate FTM coins for the long term. Do not forget to analyze the fundamental side of FTM coin before investing.