Contrary to many other cryptocurrencies, the Fantom (FTM) has declined by around 10% since yesterday. However, despite this fall, the cryptocurrency maintains a gain of almost 100% over a week. As a result, the correction observed in the short term on the Fantom could turn out to be an ideal buying opportunity this Friday.
First of all, let’s remember that the Fantom erased the losses from the crypto crash at the start of the week faster than it had recorded them. The cryptocurrency indeed started a rally on Wednesday afternoon from a low of $ 1,275, and to a new all-time high of $ 1,938 yesterday morning, signing a rise of 52% in about 3 hours. Following such an explosion, the correction displayed from yesterday’s highs seems amply justified.
What is Fantom (FTM)?
Before looking at the technical perspectives of the Fantom cryptocurrency (FTM), we will recall below what it is, and we will come back to its recent news.
According to Fantom’s official website, this is an advanced blockchain project that provides a platform for building custom decentralized applications (DAPP) and non-fungible tokens (NFT). The Fantom Foundation aims to build an infrastructure for a more democratic and efficient future while solving the challenges faced by old blockchain projects like Bitcoin. Fantom aims to find solutions to increase the speed, security and scalability of decentralized cryptocurrencies.
In other words, Fantom is part of the category of “Ethereum competitors”, cryptocurrencies that claim to steal market share from ETH, or even replace it, in the field of DeFi and NFT, hence the recent craze for the FTM.
Regarding its recent news, it should be noted that Fantom has been integrated with Fireblocks, which will allow institutions to safely store, stake and transfer their FTM tokens without depending on hardware wallets.
As suggested by Michael Kong, CEO of Fantom, “the integration of Fantom into Fireblocks validates our rapidly growing presence across the cryptocurrency industry, and we look forward to integrating financial institutions on. our network. ”
In other words, it paves the way for institutional investments in the Fantom cryptocurrency.
Fantom Technical Analysis: The trend remains strongly bullish
From a technical point of view, we note that the fall of 10% observed since yesterday in no way calls into question the bullish bias of the Fantom cryptocurrency visible in hourly data.
It can indeed be seen from the chart above that yesterday’s drop was stopped by the 50 hour moving average. In addition, the trend line that has supported the evolution of the Fantom since the very beginning of the month remains intact.
In other words, the chart study confirms that the trend remains bullish, and therefore, yesterday’s correction was only a healthy upturn. So this suggests that the current prices for the Fantom cryptocurrency could be ideal for a buy.
In this context, a return to the record of $ 1,938 will be the first objective, before the major psychological threshold of $ 2. On the downside, only a break below $ 1.45 would call into question the upward bias visible on the hourly chart.
Thus, we can consider a purchase at the current price, aiming for $ 2 or more, with a stop at $ 1.45.
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