Fantom Price Up 12.421% – Time to Buy FTM Coin?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Fantom has been agog in the past few days, following numerous integrations and strategic partnerships.
The base-layer blockchain has attracted investors’ interest, prompting a rush to buy FTM. This article discusses the protocol’s technical and fundamental analysis.
FTM Riding The Crypto Market Waves
The crypto market has been on a tear in the middle of October, following several favourable tidings concerning Bitcoin and blockchain-based assets. This rise has seen Fantom’s governance token FTM shoot up 12.421% on the daily chart while trading at $2.9504.
The weekly gains of 34.88% show great interest in the token and push its market cap up by 7.36%, with over $7.45 billion in fully diluted market valuation. The 24-hour trading volume is also rising, with FTM trading volume up 50.39% with close to $950 million changing hands.
Meanwhile, the Fantom blockchain has been surging in the last few days after coming from its September high of $1.66. The virtual currency shot up by 50%, hitting an early stage rally and resting on $2.3371 in mid-October. Following this bullish stride, FTM surged to an all-time high of $2.96, climbing more than 80% in the last month.
With the current bullish climate permeating the blockchain industry, the Fantom blockchain will likely see more network activities. This would reflect positively on its token making this an ideal point to buy FTM.
FTM Technical And Fundamental Analysis
Moving on to the technical side of FTM shows strong bullish support. The digital asset is soaring above the 20-day moving average (MA) support price of $2.2353. This bullish streak is further stretched into the longer-term 200-day MA price of $0.74, pointing that this is a great time to buy FTM and rise with the market.
Turning to the relative strength index (RSI) shows us the current market sentiment surrounding FTM. The oscillator shows that FTM is trading in the overbought region of 71.26. The moving average convergence and divergence (MACD puts FTM in a buy zone.
FTM’s remarkable jump in price is a result of a string of fundamental growth. According to a recent release, that one-time most valuable crypto asset Yearn.Finance has integrated with the Fantom blockchain. The report stated that, Yearn.Finance (which has primarily been hosted on Ethereum) users will now access the protocol on the Fantom blockchain.
Plugging into the non-fungible token (NFT) sub-sector, top formula 1 (F1) driver Pierre Gasly is launching his exclusive racing NFTs on Fantom-based Artion. This move will see followers of the F1 driver gain exclusive digital collections of his 2019 Brazilian Grand Prix podium, 2020 Italian Grand Prix podium, and 2021 Azerbaijan Grand Prix podium with a meet and greet the racing star.
Also, the top blockchain analytics platform Nansen has since added support for the Fantom blockchain. Nansen, which monitors blockchain data on token flows, smart contract interactions, and behavioural patterns on transactions, will now offer users streamlined visual dashboards to break down complex information into an easy-to-read format.
With its highly scalable and low-cost dApp protocol, many see Fantom as a top contender for the decentralised finance (DeFi) throne currently held by Ethereum. Following growing investor interests, this can be an ideal time to buy FTM.
