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  • Thu. Aug 18th, 2022

Fantom token remains on course to above $4 as price overcomes resistance

ByNdasi Tata

Aug 6, 2022
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1659731766083 9f1dc73d bdc1 4237 aad4 3506351b698b

  • Fantom blockchain is a Layer-1 project with smart contract functionalities

  • The native token FTM broke past key resistance at $0.34

  • FTM could rise to hit $0.43 next as bullish momentum develop

Fantom FTM/USD recent recoveries underline the trust in scalable Layer-1 solutions. Leading blockchains like Bitcoin and Ethereum have been criticized for costly and slow transactions. Layer-1 alternatives were popular last year due to their scalability and low gas fees. Fantom has been widely touted as a Layer-1 smart contract platform ready to rival for top spots.

Ranked at position 53 by market cap, Fantom is already punching below its knees. That was after a decline following cracks in its own ecosystem followed by a bear market. However, Fantom is renewing itself. Gains in the past one week are around 9%. The gains will likely accelerate in the coming week as Fantom broke past key resistance at $0.34. The token currently trades at $0.37 in bullish momentum and will likely reach $0.43 next.

FTM pushes above the resistance-turned support

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Source – TradingView

Technically, FTM has set $0.34 as the reference support. That was after the token blasted past the level acting as the resistance. The MACD line has crossed above the moving average, affirming the bullish momentum.

FTM will continue rising, with the next resistance now set at $0.43. If the level is broken, the next resistance to watch is $0.66. That will depend on the prevailing crypto sentiment. 

Concluding thoughts

Although FTM remains a shadow of its 2021 highs, it is recovering. It eyes higher levels after breaking past $0.34. We believe investors can buy the token in the long term. For short-term traders, $0.43 is the next level to take profits.

The post Fantom token remains on course to above $4 as price overcomes resistance appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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