Fantom has rallied today to trade at $0.5264. It attained this price level on January 31, 2023, for the first time in a few months. The price today reflects an increase of almost 10% in 24 hours. Its trading volume is up by 54.25% within the same time frame. FTM traded at $2.01 over a year before the bear market pullback. Will its rally in 2023 lead it closer to its all-time high value of $3.48?
The Fantom network is a smart contract platform offering developers DeFi services. The network draws comparisons to Ethereum but is arguably faster, with the developers claiming to process transactions within two seconds. It aims to strike a balance between scalability, security, and decentralization. It offers developers tools to aid the onboarding of existing DApps. Also, the network offers users a staking system to earn rewards.
Fantom processes thousands of transactions per second at a cheaper cost making it preferable to the cost-intensive Ethereum network. FTM, its native token, is used for on-chain governance, with users voting with tokens in the ratio of one to one vote. It is also used for transactions, staking, and making payments.
The Lachesis mechanism secures the network and is a product of a proof-of-stake mechanism. Fantom aims to create compatibility between all transaction bodies worldwide. Its open-source code also allows anyone to read it and comment on it.
Fantom Breaks On The Upside
FTM finally breached the $0.5 resistance level on January 31, 2023. The assets’ price recorded steady gains from January 3, when it traded at $0.2089. It increased to $0.3163 on January 15 and continued its ascent to $0.5381 to close out the month of January.
Part of the surge stems from the coming launch of Fantom V2. Andre Cronje, the director of the Fantom Foundation, stated that the network plans to move its fUSD stablecoin to a better system, the fUSD version 2. This upgrade will enable users and developers to allocate fees in fantom (FTM) or fUSD.
Fantom (FTM) Price Prediction: What Next For The Asset?
FTM, on the monthly chart, shows a bullish engulfing pattern as the candle closed and engulfed the candles of the last seven months. It reflects how much the price of the asset has rallied in 2023. Here is a closer look at the asset on the daily chart.
FTM Price Prediction With Technical Indicators
FTM is bullish today, closing out the month of January on a high. Although the token is still off its all-time high value, it continues to soar, gaining up to 9.58% in its price today. Yesterday’s price change was 11.74%, with the asset closing for the day at $0.5381. The last time FTM attained this price level was May 9, 2022. Instead, it spent most of 2022 trading between the $0.2 and $ 0.3 range, reflecting the bear market.
However, a price spike on January 23, 2023, shows that the bulls are in control of the market. FTM trades above its 50-day and 200-day Simple Moving Average (SMA). The 50-day SMA is about crossing the 200-day SMA, indicating a golden cross formation. It means the bullish momentum will sustain.
It pivoted on the $0.518878 level and has remained bullish. The key support levels are $0.486147, $0.433792, and $0.401061, while the resistance levels to watch are $0.571232, $0.603963, and $0.656318.
The Relative Strength Index (RSI) is at 75.14, which is in the overbought region and is not showing any signs of retracing soon. The Moving Average Convergence/Divergence (MACD) is above its signal line and also moving upwards. It is a bullish signal.
Fantom Forms Ascending Triangle Pattern
FTM has formed an ascending triangle pattern on the price chart with higher highs and higher lows. Traders should watch out for a possible breakout on the upside for the crypto asset. The bulls seem relentless in this market, as the next price target could be in the $0.7 to $1 range. It will only be temporary if a pullback occurs before the bulls drive the price up again.
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- Source: https://insidebitcoins.com/news/fantom-ftm-price-prediction-will-it-hold-its-recent-gains