Bitcoin
BTC$42 098.18

-3.78%

Ethereum
ETH$2 929.10

-5.31%

Tether
USDT$1.000360

0.04%

Cardano
ADA$2.13

-4.16%

Binance Coin
BNB$340.05

-2.66%

XRP
XRP$0.938176

-2.60%

Fantom (FTM) Is About to Fall Through the Floor


#Fantom

Fantom (FTM) is yet another DeFi coin that enjoyed a meteoric price rise this year, though it went somewhat unnoticed due to the relatively low rank that places it outside the top 100. At the moment, FTM’s value is assessed at $0.025, obtained after the 6.7% price drop in the last 24 hours. Fantom now holds the 139th position on Coinmarketcap, with the market capitalization of $53 million, but it reached $100,3 million at the peak of the recent bull rally. Binance and DigiFinex are the two cryptocurrency exchange platforms that accommodate the largest percentage of FTM trading volume that has been fluctuating between $7,4 million and $48 million over the past 30 days.

Fantom all-time chart

Fantom has been quite an achiever this year, especially after the market collapse in March, upon which the altcoin had embarked on the biggest rally in its existence that boosted its price by 380%, with the all-time low at $0.00193 (registered on March 13) being the jump-off point. The rally had climaxed at $0.055, the current all-time high, and then the price collapsed by 54% to the current price level, though it has found strong support there.

Fundamental analysis of Fantom

As already mentioned, FTM is the DeFi token that powers the blockchain platform that has the directed acyclic graph (DAG) at its core. The main purpose of this platform is to provide the developers with means for creating their proprietary consensus algorithms.

The project was established by Dr. Ahn Byung Ik, the well-regarded computer scientist from South Korea, who wanted to expedite the speed of transactions to two seconds. The FTM token can be used for staking, allocation of user rewards, and fee collection.

Basically, the Fantom Foundation attempts to solve the problem of scalability, which plagues the entire blockchain space, but their progress appears to be slow, though it doesn’t reflect too negatively on FTM’s price action.

Buyers need to defend the crucial support level


The weekly chart shows how dedicated the buyers are to defending the support level at $0.025 that had been tested during six out of nine weeks of FTM’s presence above that level. Moreover, that price level had often been interacted with during the summer, which makes it an ultimate magnetic point.1-week FTM/USDT chart

A drop below that level would create a landslide to $0.017, a 32% price reduction, that would still make for a proper higher low on this time frame. We reckon that such a drop is more than feasible, given how bearish is the 14-period RSI, which is crashing to the downside after completing the head and shoulders pattern. Should the bearish pressure persist, the price drop could be as deep as $0.012 that would constitute the V-shaped reversal. 

The price action on the daily time frame fully confirms our bearish expectations as FTM is about to draw the second red candle, while the Bollinger Bands are heading south.

1-day FTM/USDT chart

MACD is now deep in the bearish territory, displaying the strength of the corresponding momentum and the intention to reach the oversold extremes. This gives us more than enough reason to believe that Fantom will have another 30% price drop in the next seven to ten days.

Author: Alex Paulson for Crypto-Rating.com

Related

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 75.6% 41 $42 098.18 -3.78% -2.79% $792 647 747 198 $31 255 848 261
2 Ethereum (ETH) ETH Ethereum predictions 69.2% 55 $2 929.10 -5.31% -4.28% $344 776 996 910 $17 375 599 531
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000360 0.04% 0.03% $68 567 748 968 $68 145 566 729
4 Cardano (ADA) ADA Cardano predictions 64.8% 70 $2.13 -4.16% -1.60% $68 342 556 564 $2 772 300 629
5 Binance Coin (BNB) BNB Binance Coin predictions 72.8% 59 $340.05 -2.66% -8.68% $57 174 896 989 $1 453 895 839
6 XRP (XRP) XRP XRP predictions 71.6% 50 $0.938176 -2.60% -1.10% $43 829 348 412 $2 741 251 966
7 Solana (SOL) SOL Solana predictions 64.8% 68 $135.72 -7.90% -4.56% $40 364 707 779 $2 586 556 062
8 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000370 0.06% 0.02% $31 272 251 602 $3 236 353 928
9 Polkadot (DOT) DOT Polkadot predictions 68.4% 68 $27.94 -4.36% -5.91% $27 596 817 584 $1 527 139 483
10 Dogecoin (DOGE) DOGE Dogecoin predictions 68.8% 63 $0.201790 -2.23% -4.92% $26 530 096 140 $844 248 344
11 UniSwap (UNI) UNI UniSwap predictions 68% 68 $24.72 1.41% 15.89% $15 118 981 827 $1 169 207 809
12 Avalanche (AVAX) AVAX Avalanche predictions 58.4% 84 $66.71 -5.55% 4.62% $14 695 292 582 $1 112 779 061
13 Terra (LUNA) LUNA Terra predictions 68% 61 $35.63 -3.96% 23.38% $14 249 462 275 $1 572 224 921
14 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $1.000220 0.05% 0.01% $13 529 060 969 $4 713 979 833
15 Chainlink (LINK) LINK Chainlink predictions 65.6% 70 $23.69 -2.65% -1.52% $10 779 957 156 $1 061 112 948

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.