Fantom Crypto: Can FTM Price Continue to Stay Bearish Or Rise?

• The FTM crypto asset is displaying bearish characteristics and is likely to fall further.
• The price of FTM is in a downtrend making lower highs and lower lows on the chart. 

Fantom is a platform that uses a directed acyclic graph (DAG) smart contract platform to offer decentralized finance (DeFi) services to developers using its own custom-made consensus algorithm.

With FTM, Fantom aims to fix problems related to smart-contract platforms, especially transaction speed, which developers say they have lowered to under two seconds.

Fantom is a Layer-1 blockchain that uses a new consensus mechanism and a separate consensus layer, Lachesis, to enable DeFi and related services based on smart contracts.

Fantom tries to use a new consensus mechanism to enable DeFi and related services based on smart contracts.

The mechanism, Lachesis, offers much higher capacity and two-second transaction finalization, along with enhancements to security over traditional proof-of-stake (PoS) algorithm-based platforms.

Fantom uses a special type of proof-of-stake algorithm to provide services and protect its network. Known as Lachesis, it is an example of an asynchronous byzantine fault tolerant (aBFT) consensus mechanism.

Snapshot: FTM Chart

The FTM crypto asset is displaying bearish characteristics and can reduce more. It has shown bad performance in the past week, and last month, by 20.86% and 3.86%, indicating a consistent downward trend.

The FTM price is below the 20, and 50-Day exponential moving averages, but barely hovering above 100, and 200-day EMAs. These EMAs are acting as dynamic Support and resistance levels and it seems like dominance is more of sellers, which could possibly push the price down. 

The price of FTM is in a downtrend making lower highs and lower lows on the chart. The CMP of Fantom is $0.3802 with an 24-hour intraday volume of 91.826 Million. 

Therefore, if the FTM price breaks below the immediate support level, it could fall further to $0.3000, which is the next possible support level. 

On the other hand, if the Fantom coin price reverses the trend and breaks above the EMAs, it could rise to $0.4500, which is the next possible resistance level.

The FTM asset is exhibiting bearish weakness and the RSI is below 50, implying that the crypto asset is still in negative territory and can sink further down.

Summary

The FTM crypto asset is displaying bearish characteristics and can reduce more. It has shown bad performance in the past week, and last month, by 20.86% and 3.86%, respectively, indicating a consistent downward trend. Therefore, if the FTM price breaks below the immediate support level, it could fall further to $0.3000, which is the next possible support level. 

Technical Levels

Support Levels: $0.3000

Resistance Levels: $0.4500

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.