Fantom Price Up 18.6% – Time to Buy FTM Coin?

It’s been quite an impressive week for Fantom investors, with the FTM price posting remarkable numbers across the board. Blockchain-based tokens have been especially profitable in the past few weeks, and FTM hasn’t been left out. Below, we’ll provide a broader view of what Fantom is and how the FTM price could move in the coming days.

Fantom: A Novel Approach to Solving the Blockchain Trilemma

Fantom is an open-source, decentralized smart contract platform that enables decentralized applications (dApps) and digital assets. It is one of the many blockchains that offer an alternative to Etheruem – which has been criticized recently for being overly expensive and having scalability issues.

Fantom’s mainnet went live in December 2019, and it looks to solve the blockchain trilemma by offering optimal security, scalability, and decentralization.

Fantom’s infrastructure is primarily built on the Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) consensus mechanism, which helps to keep it operational and efficient. The structure is designed to maximize speed and keep the network secure. This blockchain also operates Lachesis – a bespoke “leaderless” consensus mechanism that secures its network and ensures optimal security and speed.

Lachesis makes it easy to process network data concurrently. Thanks to this component, Fantom’s network can also stay operational even if a third of its participants act maliciously.

Lachesis also offers near-instant finality. This means that the average time to confirm and validate a transaction is less than a second. The blockchain doesn’t need to go through the laborious proof-of-work (PoW) process, making it faster and more scalable. These features make it far superior to many of Fantom’s contemporaries that use the Byzantine Fault Tolerant (BFT) system.

The FTM coin is Fantom’s native token. It powers the entire Fantom ecosystem, and it can be used for several functions – payments, staking, governance, and fee settlement. The coin has a max supply of 3.175 billion units. FTM is available as a native Fantom coin, an ERC-20 token in the Ethereum ecosystem, and a BEP-20 token on the Binance Smart Chain.

FTM: Price Movements in 2021

FTM began trading at $0.017 in 2021. The FTM price remained at sub $0.01 levels all through 2020, but 2021 would bring big gains for the coin.

Thanks to the market rally that began late in 2020, the FTM price soon started to surge. The coin hit several highs in the first few months of the year, reaching $0.88 as of February 25. The gains continued, with FTM finally getting a then-high of $0.95 on May 10.

When the market downturn hit, the FTM price was significantly affected. The coin’s value plunged to $0.19 on May 23, marking an 80 percent drop in less than two weeks. Sadly, the drop didn’t stop there. Through several bearish cycles, the FTM price plunged even deeper in the coming months and eventually bottomed out at $0.15 on July 20.

At its bottom, FTM was down 84.2 percent from its high. Thankfully, the market roared back to life in August – and so did the FTM price. The asset rose by 400 percent in August alone, moving from $0.24 at the month’s start to a high of $0.956 at the end. This also meant that the FTM price had notched a new high.

September has been better. FTM finally broke the $1 barrier, and it went on to set a new high at $1.93 on September 9. Currently, FTM trades at $1.46 – up 18.6 percent in the past day and 8.70 percent in the past week.

FTM: Technical & Fundamental Analysis

FTM is doing quite well from a technical perspective. The coin is trading well above its 20-day and 200-day moving averages (MAs) of $1.13 and $0.46, showing potential to make even bigger moves. The coins’ relative strength index (RSI) stands at 65.23, meaning that it is underbought for a coin that’s been performing so well. This seems like a good time to pick up some FTM coins.

The jump appears to be stemming from increased Fantom adoption. Last month, the Fantom Foundation launched a $300 million fund to bolster adoption and invite developers to the blockchain. The fund will award between 1 million FTM and 5 million FTM to DeFi protocol developers based on their total volume locked, so everyone is welcome.

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