Will Fantom Price (FTM) Follow up on the Recent Gains?

Fantom (FTM) is a blockchain platform. It uses the DAG (Directed Acyclic Graph) consensus system to surpass the scalability and flexibility problems of the existing blockchain solutions. Moreover it uses the Lachesis Protocol to allow transactions to be confirmed and processed non-synchronously, this improves the efficiency of the scalability of existing blockchains.

The FTM token is the main token of the Fantom network and it has several functions, such as securing the network through staking, for governance, for payments, and for fees. On Fantom, money transfers are very fast and cheap, as they take about 1 second and cost about $0.0000001.

The FTM token is also important for on-chain governance, as it is needed to participate in the voting process. Moreover, FTM is used for network fees, such as transaction fees and fees for deploying smart contracts or creating new networks.

What Fantom Price Indicates on the Day Chart

The FTM price exploded from December 2020 and it ascended higher and higher, generating new peaks and levels along the way. It displayed a spectacular 3x growth in the crypto price by February 2023. However, it tumbled as investors made profits and later it found a support level at around $0.17.

However, the FTM price has revealed a sign of resurgence as the crypto price recovered from a critical level of around $0.17.

Furthermore, it seems like the crypto is on the verge of a sensational breakout as it seems the FTM crypto is building strength to blast through the hurdle and climb to new altitudes from the current base level.

Therefore, if buyers add to the pressure, FTM price might surge strongly from current level and surge above. The possible target is $0.40. On the contrary, if FTM fails to to hold its grip and declines below $0.20, it may fall more.

The major exponential moving averages support the FTM price and if more buying volume assists, then it could surge more.

What the Volume Chart Shows

The FTM chart shows how the FTM volume and its price are correlated with each other. The chart reveals that the asset volume and its price, both were low in September and October. This indicated a lack of interest and activity in the market. On observation, the volume was mostly below $50 Million, and the price was around $0.20

However, in the last week of October, the volume and price continued to thrust upwards, which signaled a surge in the demand and excitement in the FTM price. The volume crossed the $60 Million mark and the price rose to around $0.35. 

Lastly, the FTM Volume chart indicates that its volume and price have been stable in November. This showed that the FTM market price has reached a balance between buyers and sellers as of now. The chart further implies that the FTM volume and the price need another trigger to break out of this range. 

Summary

Fantom volume chart shows that volume and the price need another trigger to break out of the present range. Furthermore, the crypto price action shows that it might be on the verge of a sharp breakout, as it seems the FTM crypto is gaining strength to blast through the hurdle and climb to new altitudes from the current base level.

Technical Levels

Support Levels: $0.20

Resistance Levels: $0.40

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.