Fantom is a distributed network based on a DAG, which includes the use of parallel data chains, new methods for increasing scalability and a high-performance virtual machine. Provides secure and efficient execution of smart contracts. The internal token is FTM. Before the launch of the main network, it was hosted on the Ethereum blockchain platform and was an ERC-20 standard token. After the Main Net was deployed, FTM was transferred to its own blockchain and began to be considered a cryptocurrency.
FTM’s Price Skyrocketed 99% in the Past 6 Months
Despite a one-year negative trend, the FTM coin price overcame, yielding a 99% return in the last six months. The previous month witnessed a 21.47% profit boost for the coin, delivering positive tidings for cryptocurrency investors.
Concerning the technical aspects, the Fantom price initiated an upward trajectory in October 2023. It surged over 120% from the $0.1926 demand level, breaking through the $0.3410 resistance level.
This shift sparked a change of character, captivating numerous crypto buyers. Subsequently, buyers adopted long positions at $0.3065, propelling the FTM coin price towards the $0.5696 resistance and achieving an almost 100% increase during this rally.
Lately, the FTM coin price has garnered affirmative responses from the $0.3065 support level, giving rise to the formation of an ascending channel. The current market capitalization of the FTM coin stands at the 65th position among 8828 active cryptocurrencies.
Technical Evaluation of Fantom (FTM)
The 50-day and 200-day EMAs experienced a bullish crossover at the $0.2663 level, resulting in an approximately 100% surge in the FTM coin price. Recently, the price received a favorable response from the 200-day EMA, propelling the current price into an uptrend.
Per the price action, the FTM price witnessed a descent of over 40% from the $0.5696 resistance level. Meanwhile, the price dropped to the $0.3065 decisional demand level and encountered a positive reaction. Consequently, it commenced the development of an ascending channel pattern.
The ongoing pattern is in progress, with the price yet to provide any breakout or breakdown. Nevertheless, resistance from the $0.4418 level signals a bearish presence. Following the indicated direction, the price is poised to approach $0.5202 soon.
Moreover, the relative strength index (RSI) displays an internal bearish divergence in momentum, signifying selling pressure from bears in the current session. The RSI presently stands at 51.23 at the 50-mark middle band.
At The End
The FTM coin price is showcasing an upward trend. However, the technical indicators also convey buy signals, reflecting positive sentiments among crypto traders. The price advances in an uptrend, forming an ascending channel pattern, with the likelihood of reaching the $0.5202 resistance level if the current trend persists.
