Fantom Price Up by 16.10% – Time to Buy FTM Coin?

• Arab Bank now offers custody and brokerage of Fantom tokens, encouraging more investors to buy FTM
• The Crypto market is booming and up by 4.35%, with a live market cap of $2.05 trillion
  
• FundMovr supplies bridge to Fantom ecosystem

Fantom is picking up pace in the crypto market as price pumps are well underway. The Fantom utility token FTM, having hit retracement levels, replicates previous market trends and makes an upscale in price. This charge towards a new resistance price is a confidence booster for investors to buy FTM.

As the entire crypto market picks up momentum with a 24-hour increase of 4.35% to a profitable market cap of $2.05 trillion, the Fantom asset is paving its course into uncharted price levels.

Fantom is a directed acrylic graph (DAG) smart contract network that delivers decentralised finance (DeFi) to developers using a custom consensus mechanism, Lachesis.

The Lachesis mechanism offers a higher capacity and faster transaction completion times, and general improvements to the security of proof-of-stake (PoS) algorithms.

The platform aims to provide compatibility between transaction networks globally by deploying decentralised solutions.

The crypto asset is supplying early investors with great yields as FTM gained 16.10% in price in the last 24 hours.

This sudden price correction is due to several fundamental improvements and projects geared at increasing the scalability of the network and improving its application in other blockchains.

FundMovr supports Fantom

Movr Network announced its integration Fantom on FundMovr, a metabridge that provides seamless bridging for assets across multiple chains.

The FundMovr and Fantom integration will allow users to efficiently and easily migrate their assets to Fantom at low network fees and lightspeed finality.

Movr network aims to work closely with Fantom and its ecosystem projects to help users of other chains participate fully in the Fanto ecosystem.

The FundMovr bridge is an aggregation solution that will help to enhance interoperability, and Fantom’s fast transaction rate and low fees ensure that Ethereum layer two blockchains integrate seamlessly.

Arab Bank offers custody and Brokerage of Fantom

Arab Bank, a Geneva headquartered affiliate lender, has announced its new service to offer custody and brokerage of ten major cryptocurrencies, including FTM. Traditional banks offering clients access to DeFi tokens such as Fantom is seen as a step in the right direction.

The bank’s step to offering DeFi tokens is more involvement in high yield generating protocols. The bank’s current plan is to simply provide opportunities for clients to buy, sell and hold some of the major DeFi tokens, as it is certain that these Decentralised protocols will replace traditional financial institutions.

The Arab Bank started offering crypto custody and brokerage of Bitcoin and Ethereum as far back as 2019 and seems to be on a roll to keep up with newer financial technology and policies.

With a listing in a traditional bank, FTM is sure to generate a wider adoption, which will send prices sky-high.

Fantom Technical Analysis

Fantom charts show that the crypto asset is bound for a new horizon of resistance and support prices.

The 23.6% Fibonacci retracement value of $2.59 is below the FTM current price, indicating a price correction from the previous bear movement below the 61.8% Fibonacci retracement value of $1.9. Investors who entered the FTM market below the 61.8% retracement level are believed to have raked in over 150% profits.

FTM is trading above the 100-hourly Simple Moving Average (SMA) support price of $2.22. The 50-day Moving Average Exponential (EMA)value of $2.18 indicates that FTM is on a bullish run as the crypto asset trades above the trend line.

Fantom shows great potential to experience an upscale in price despite the bearish outlook of the market and reward investors who venture into the market to buy FTM.

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