Fantom Price Down By 2.29% – Time to Buy FTM Coin?
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Highly scalable, high-performance protocol Fantom is gaining blockchain prominence in the last few weeks. Decentralized finance (DeFi) has enjoyed mainstream adoption, which has pushed several investors try to buy FTM. In the highly competitive blockchain space, it is important to understand a protocol’s value proposition.
Fantom: A Quiet DeFi Giant?
On its website, Fantom blockchain is described as a high-performance, scalable, and secure smart contract platform that enables the development of decentralized applications (dApps) which plays a crucial role in DeFi and non-fungible tokens (NFTs).
Much like all new generation blockchains, Fantom was developed in a bid to address the scalability and interoperability issues older generations of blockchains had. To do this, the Fantom blockchain uses its bespoke consensus algorithm called Lachesis which promises higher transaction speed and a two-second block finalization window.
The variant of the popular Byzantine Fault Tolerant mechanism called aBFT enables digital assets to operate at unprecedented speed while driving dramatic improvements over the current blockchain ecosystem.
In addition, Fantom blockchain uses a modular framework that allows for full customization of the protocol for several use cases. The FTM token serves as the backbone of the protocol and is also used in its proof-of-stake (PoS) staking activities.
FTM Preparing For Take Off
The current market impasse can be attributed to the shock ban of all cryptocurrencies by the Chinese government earlier in the week.
With the crypto market mainly moved by market news, the nascent industry lost 4.12% of its value and traded at $1.84 trillion two days earlier. However, the bulls are forcing themselves back into the market and the emerging space has recorded a 1.44% increase from the previous day.
FTM has also been hard hit and shed the majority of its gains. However, the DeFi-focused token has also made good of the temporary ease. It rallied to $1.919, the highest in the last three months, before zigzagging down the price peg. FTM has traded at the $1.15 mark on average reflecting a strong showing from the cryptocurrency.
At press time, FTM sits at the $1.2124 price peg, with 2.29% of its value shaved off the last 24 hours. With the crypto market in recovery mode, this might be a great time to buy FTM for a bargain.
FTM Technical and Fundamental Analysis
FTM is struggling against the 20-day moving average (MA) price of $1.2804 and trades in the bear regions at the moment. However, with the bulls gaining growing influence over the market, this is not expected to last long.
A relative strength index (RSI) figure of 51.09 indicates that investors are willing to buy FTM given the project’s growing adoption.
This is following reports that Yearn.Finance founder Andre Cronje has launched an OpenSea rival on the blockchain. The NFT marketplace, called Artion, will sport low fees with zero commissions. Following its scalable and interoperable features, the Asian country of Tajikistan plans to launch its central bank digital currency (CBDC) program on the Fantom blockchain.
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