Fantom Up By 19.16% – Time To Buy Fantom Coin?

Fantom (FTM) is one project poised to be an integral part of the decentralized system. The project’s remarkable growth so far has been attractive to investors looking to buy FTM. The native cryptocurrency of the Fantom project has been a top performer over the past 24 hours, rising along with several others across the market. Let’s see if the time is right to buy FTM or not.

Fantom’s Popularity on the Rise

The Fantom network was created to tackle many of the problems users and developers face today in the decentralized finance (DeFi) sector. It is a directed acyclic graph (DAG) smart contract platform that provides DeFi services to developers building digital assets and dApps (decentralized apps).

Fantom aims to be a reliable, secure, and fast network for transactions to become a top-performing DeFi platform in the market. It offers a variety of popular features such as staking and peer-to-peer lending services.

The platform was developed by the Fantom Foundation, which was founded by South Korean computer scientist Dr. Ahn Byung Ik.

Fantom is a multi-layered Delegated Proof-of-Stake (DPoS) blockchain. It uses a different variant of the proof-of-stake algorithm to secure its network.

FTM is the token that fuels the whole Fantom blockchain ecosystem. It is being utilized for staking, governance, payments, and fees on the network. This means that Fantom users can stake their FTM and receive rewards. It also means that token holders can use FTM to pay fees or send value globally in seconds. Additionally, you need to hold FTM to gain access to voting rights and other community governance mechanisms of the platform.

FTM Shows No Signs Of Turning Down

Although the FTM token was launched in 2019,. The price movement was slow after launch and did not grow significantly until towards the end of 2020. Like several small-cap assets, the token’s price began to climb even more this year.

The FTM token started 2021 trading at $0.01 before jumping higher by the end of February to $0.6502. But at this point, the FTM’s price was only beginning as the coin went on to reach an all-time high price of $0.95 on May 10. This pushed investors to buy FTM in mass.

However, the FTM token was among the numerous assets that slumped following the crypto market crash in May. The asset hit its first low of $0.18 on May 23, and as it began to recover months after, FTM again slipped to a low price of $0.15 on July 23.

Nevertheless, this month has seen the asset making impressive strides. FTM is currently up by 19.16% in the last 24 hours and is trading at $0.4603 with a market cap of over $1 billion.

FTM Technicals And Fundamentals

FTM currently has some strong fundamentals. The asset’s relative strength index (RSI) currently stands at 51.01, meaning that it is underbought. Investors can take this opportunity to buy FTM now.

FTM’s 20-day and 200-day moving average (MA) of $0.4606 and $0.4649, respectively, signals a bullish run as it shows that the token would climb higher. In terms of fundamentals, Fantom recently integrated Chainlink’s Price Feeds on its platform in a bid to help build highly scalable DeFi applications.

Users can now access Chainlink’s price feeds on the Fantom Opera mainnet. The price feeds were launched on the mainnet after a successful testing period on the Fantom testnet.

Fantom’s integration of Chainlink’s price feeds comes on the heels of the news of the significant increase of its total value locked (TVL). While announcing its Chainlink integration, Fantom revealed it had crossed the $380 million mark.