Home CryptoNews Fantom manages to keep bears at bay; Eyes a new record

Fantom [FTM] manages to keep bears at bay; Eyes a new record

Fantom [FTM] has held on to its bullish streak amidst a wider crypto market rout. The token is poised to hit a new high, but signs of pullback emerge. 

The total value across the cryptocurrency market stagnated. Fantom, on the other hand, hit a new high as the DeFi sector heated up. According to DeFiLlama, the leading layer 1 blockchain platform recorded a TVL of $7.09 billion on the 14th of January.

Interestingly, Fantom’s transactional activity has also intensified and even managed to eclipse that of Avalanche’s last week. The network witnessed over 1 million transactions processed on the 5th of January. The renewed interest can be attributed to the announcement made by prominent developers – Daniele Sestagalli and Andre Cronje about new project deployment on Fantom.

As a result, Fantom has gained $1.2 billion, roughly 20%, in TVL over the past week. Its utility token, FTM was also outperforming as most assets continue to recover from the downturn. 

Fantom [FTM] manages to keep bears at bay; Eyes a new record

The crypto-analytic company, IntoTheBlock also mentioned

“FTM is approaching a multi-month high. As the Fantom ecosystem is quickly expanding, on-chain data for the FTM token is following the trend. Not only did the number of holders recently achieve a new high, but 84.14% of these addresses are experiencing unrealized profits.”

Fantom [FTM] fetches gains

FTM posted weekly gains of 13.23%. It was currently trading at $3.02 after a fresh increase of 2.48% over the past day. At the time of writing, the token stood at a market cap of $7.66 billion and a 24-hour trading volume of $3.02 billion.

Fantom [FTM] manages to keep bears at bay; Eyes a new record

The FTM price candles bounced right off the 100 SMA [Blue] after it underwent a sharp reversal. The 50 SMA [Pink] and the 200 SMA [Yellow] hovered well below. The trading volume has been moderate cushioning the uptrend. However, volatility in the market noted a mild drop.

A correction?

Fantom [FTM] manages to keep bears at bay; Eyes a new record

The overall momentum, as depicted by the green closing bars of Awesome Oscillator [AO], favored the bulls. The MACD also underwent a bullish crossover. The daily Relative Strength Index, on the other hand, was found advancing towards the overbought zone before hinting at a reversal that could depict a profit-taking phase.

A brief correction could pull FTM down to the immediate support level of $2.25. A damaging turn of events could trigger a drop to $1.86. FTM has crossed the resistance range of $2.55 to $2.74, hence a considerable retracement at this point is highly unlikely and a continuation of the current rally may lead to the formation of new highs.

Chayanika
Chayanika has been working as a financial journalist in the cryptocurrency and blockchain industry for almost three years. She has closely followed the growth and adoption of the sector since 2018. Her inclination lies in writing impactful, data-driven stories.
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