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The Fantom blockchain is a layer 1 project with smart contract functionality.
Native Token FTM Breaks Key Resistance at $0.34
FTM Could Next Rise to $0.43 As Bullish Momentum Intensifies
Fantom FTM/USD’s recent recovery highlights its confidence in scalable layer 1 solutions. Major blockchains such as Bitcoin and Ethereum have been criticized for their high transaction costs and slow processing speeds. Layer 1 alternatives were popular last year due to their scalability and low gas prices. Fantom is widely touted as a layer 1 smart contract platform ready to fight for the top spot.
Ranked 53rd by market capitalization, Fantom is already knee-deep. It came after a rift in its own ecosystem and a selloff after a sustained bear market. However, Fantom is being updated. The profit over the past week is about 9%. The rise is likely to accelerate next week as the Phantom has broken out of the key resistance of $0.34. The token is currently trading bullishly at $0.37 and could next reach $0.43.
Source TradingView
Technically, FTM has set $0.34 as reference support. That’s after the token explodes past a level that acts as a resistance. The MACD line has risen above the moving averages confirming the bullish momentum.
FTM continues to move higher with the next resistance currently set at $0.43. If the levels break, the next resistance is at $0.66. It depends on the general crypto sentiment.
FTM remains in the shadow of 2021 highs, but is recovering. After breaking out of $0.34, we are eyeing higher levels. We believe that investors can buy tokens in the long term. For short-term traders, $0.43 is the next profit-taking level.
