Fantom Price Up By 33.82% – Time to Buy FTM Coin?
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The Fantom blockchain has been seeing a growing number of adoptions in the past few weeks. The latest being a trial hybrid central bank digital currency (CBDC) program with Tajikistan’s OJSC Orienbank.
With the smart contracts platform now supporting non-fungible token (NFT) marketplace Artion, more investors are looking to buy FTM. Following this, FTM has made a strong recovery from the September lull. This article explains why it is a good time to buy FTM based on the historical price performance of the Fantom blockchain.
FTM Technical Analysis
The FTM currently sits on the 39th spot on the most valuable crypto assets by market cap. With 80% of the FTM tokens already in circulation, the Fantom blockchain currently boasts $4.5 billion in market valuation. However, the decentralised applications (dApps) facilitator is considered an alternative currency (altcoin for short).
This has seen it track the price movement of crypto bellwether Bitcoin for the most part. However, FTM has surged significantly for the most part of this year. Coming in at $0.01723 on January 1, FTM has surged more than 8,500% year-to-date (YTD).
The digital asset began to pick up steam in late February when it rallied to $0.6502 before dipping. A lopsided performance for the ensuing month, FTM returned to its peak and retested its February high before hitting a new price record of $0.916 on May 9.
However, FTM’s price movement has been largely insipid with rallies followed by lengthy dips. The FTM token became crypto investor’s darling when it broke above the $1 mark in early September and hit $1.66 in value. Meanwhile, the September market dip saw FTM shed more than 30% of its gains and trade at $0.9828.
Like the broader crypto market, the FTM token has caught a major tailwind since the beginning of October. The virtual currency has grown steadily in the last week while hitting a new all-time high (ATH) of $1.86 in the early hours of today.
Although slightly down, FTM is up 33.82% in the last 24 hours and currently trades at $1.8081. Weekly gains are even more pronounced as the dApp platform is up 46.35% in the last seven days.
Growing market confidence reflects that investors are taking cognisance of the FTM token. A relative strength index (RSI) figure of 69.74 indicates that several investors want to buy FTM as it trades above the 20-day moving average support price of $1.3324.
Fundamental Analysis
Aside from the broader market bullish tendencies, the Fantom blockchain has been racking up strategic partnerships and integrations in the past few weeks. One of the most recent is the OJSC Orienbank of Tajikistan, which has tapped the scalable dApp platform to trial its hybrid central bank digital currency (CBDC) program.
This partnership makes Fantom blockchain one of the first blockchain protocols, aside from RippleNet, to be used in developing a digital fiat.
Fantom blockchain will work in conjunction with the National Bank of Tajikistan to develop commercial and retail payment networks for the E-SOM (digital copy of the country’s Somoni currency).
Plugging into the NFT frenzy, Fantom blockchain is playing host to a fast-risingf NFT-minting platform in the form of Artion.io, created by the developer of Yearn.Finance Andre Cronje.
Artion will enable the minting and subsequent sales of NFTs for 0% commission. The low-cost, user-friendly, and feature-rich NFT marketplace is expected to rival popular Ethereum NFT secondary marketplace OpenSea with its near-zero transaction fees.
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