Fantom Blockchain: FTM Coin Price is on an Uptrend, What’s Next?

• The Fantom Sonic’s transaction capability is expected to increase over 65 times.
• The FTM coin price has been on an uptrend since the mid of October. 

The Fantom blockchain, which supports smart contracts and is powered by its native token FTM, launched its main net in December 2019 after securing $40 Million in funding. 

Features of Fantom Blockchain

The blockchain is known for its speed, affordability, and ability to support decentralized finance (DeFi) applications. One of its unique features is a directed acyclic graph (DAG), which displays transaction histories as a “hash graph.” This technology is similar to that used by Hedera Hashgraph.

Recently, the Fantom Foundation announced the launch of the testnet environment for Fantom Sonic, designed for speed, scalability, and cost efficiency. With Fantom Sonic, the network’s transaction capability is expected to increase over 65 times to achieve 2,000 transactions per second. 

Additionally, time-to-finality execution is expected to be less than one second, and storage size for all node types is expected to be reduced from 11 TB to under 1 TB. 

The reduced operational costs and staking requirements make it more accessible for anyone to participate in securing the network.

The testnet environment will run until the Sonic mainnet is expected to deploy in the spring of 2024. Developers can bring their projects to the testnet to experience the virtual machine updates and enhanced capabilities Sonic brings to the Fantom ecosystem. Additional updates are expected to come to the testnet environment in December 2023.

Technical Analysis & Prediction of FTM Coin Price 

In the daily timeframe, the FTM coin price has tested its support level of $0.2899 more than three times, highlighting its importance in terms of liquidity. Furthermore, from a technical standpoint, FTM has broken out of a descending triangle during the recent surge of alternative cryptocurrencies.

As of the latest update, the FTM coin price has recently broken a downtrend that started in mid-October, resulting in a 33% increase in just four days. The coin’s current trading price stands at $0.4079. 

However, the currency has not surpassed its immediate resistance of $0.4372 since then. On the other hand, the immediate support level for the bulls is at $0.2889. The Relative Strength Index (RSI) is currently at 60, just below its overbought level of 70.

Conclusion

Fantom Blockchain launched its main net in Dec 2019 after securing $40M in funding. FTM price has tested the same support level over 3 times in the weekly time frame, highlighting its liquidity importance. The RSI is heading towards the overbought zone.

Technical Levels

• Support Levels: $0.4372 and $0.5328
• Resistance Levels: $0.2 and $0.2314

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.