Fantom Price is Up by 13% – Time to Buy FTM?
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The Fantom price has been on a significant surge over the past few days, prompting investors to buy FTM.
It is important to know what you’re buying before you commit funds to it. Below, we’ll give you all the information you need to buy FTM, so you can make informed investment decisions.
Fantom: A High-Performance, New-Generation Blockchain Platform
Fantom is a high-performance smart contract platform. The platform bills itself as being scalable, secure, and decentralized, being able to overcome some of the most significant issues being faced by some old-generation blockchains.
As a new-generation blockchain, Fantom attempts to solve the blockchain trilemma – a conundrum where blockchains are unable to achieve scalability, decentralization, and security. The blockchain trilemma says that, at most, a blockchain can achieve two of these three objectives.
Take Bitcoin for example. The asset is heralded for its security and decentralization, meaning that its transactions aren’t so fast – at last, compared to other cryptocurrencies. Ideally, Bitcoin isn’t suited for day-to-day payments. But, its value has helped it to scale that wall.
Other blockchains haven’t been so lucky. They’re not as valuable as Bitcoin, so they don’t get a free pass. Solving this trilemma is the goal of new blockchains like Fantom.
Fantom operates the proof-of-stake (PoS) mining mechanism, and it is completely open-source. It is also community-driven, allowing users to contribute to it via Github.
FTM is the primary token for the Fantom network. It is used for securing the network (via staking), network fee settlement and payments, and governance. Essentially, it is like Ether (ETH) for the Ethereum blockchain.
FTM: Price Movements in 2021
FTM launched in 2019 and spent most of the past year in the doldrums. But, like several small-cap assets, its price began to surge significantly in the latter part of 2020.
The asset was listed at $0.04, and it crossed the $0.1 mark in July 2020. It slipped even lower entering into the year, with the Fantom price standing at $0.01 on January 1. But, gains across the market extended to it as well. Investors soon began to buy Fantom as competitors tried to usurp the Ethereum blockchain.
The Fantom price rose to a high of $0.95 on May 10 before the market downturn hit it. The coin hit its first low of $0.18 on May 23, marking an 81 percent drop in just two weeks. While it tried to climb even higher, successive hits took a toll and the Fantom price slipped to $0.15 on July 23.
FTM: Technical and Fundamental Analysis
The current Fantom price is $0.26 – a 42 percent jump from the asset’s low. The coin is also up 13 percent in the last 24 hours and 12 percent in the last 7 days. Investors have flocked to buy Fantom a lot over the past week.
As for technicals, the asset currently has a relative strength index (RSI) of 62.55, showing that it is approaching the overbought status. Considering the RSIs for several other cryptocurrencies, this is still impressive.
The asset is also above its 20-day moving average (MA) of $0.22. With the market currently on an uptrend, there are several opportunities for further price jumps so this might be a great time to buy FTM.
