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Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm. Fantom attempts to use a new scratch-built consensus mechanism to facilitate DeFi and related services on the basis of smart contracts. The Fantom Foundation was founded by South Korean computer scientist Dr. Ahn Byung Ik. Currently, the platform’s CEO is Michael Kong. Let us look at the technical analysis of FTM.
Past Performance
The general trend for the past month was moving downwards. Yesterday, the market witnessed a recovery in the price of the FTM coins.
The opening trade for FTM on November 13, 2021, took place at $2.63. It closed at $2.26 on November 19, 2021. This was a weekly change of -14.06%. Moreover, the 24-hour high is $2.28, whereas the 24-hour low is $1.88.
Source: https://www.tradingview.com/x/xrbnpPBk/
FTM Technical Analysis
After a recovery in the price yesterday, the price is showing a downward movement today, as the FTM is trading at $2.2237, which is 1.78% less than the previous day’s close. Let us look at what the indicators are showing.
The trend in the OBV graph is also downwards. This is similar to the trend in the price chart. Thus, there is pressure on the price to move downwards, as the selling pressure is dominating the buying pressures.
Currently, at 44.05, the RSI is showing that although the bulls have lost their strength, the bears have not completely taken over the market today.
Both the fast line and the slow are in the negative region, giving a negative signal for the price chart. This is a signal for the traders to take a short position.
Crypto analyst and influencer “Guy,” who hosts the popular YouTube channel “Coin Bureau”, says that $FTM, the native token of Ethereum competitor Fantom is poised for major gains. In a recent video, Guy told his YouTube channel’s 1.6 million subscribers that $FTM has “a lot more room to the upside,” despite the price surge it has seen this year. In a recent video, Guy told his YouTube channel’s 1.6 million subscribers that $FTM has “a lot more room to the upside,” despite the price surge it has seen this year.
Day-Ahead and Tomorrow
After yesterday’s increase, the price is facing a resistance ta the FIB level at $2.27. Currently, this is the last fib level the price will face if it starts to move downwards.
It is advisable for the traders to take a short position as the indicators are on the bearish side. They may do so while keeping a stop-loss at $2. However, if the price managed to rise in the coming days, a target can be kept at $2.5.