This article provides a technical analysis summary of blockchain platform Fantom after its 0.43% price decline over the past hour to $0.2525.
With the crypto markets poised for a powerful bull run, now is the optimal time to sign up for Binance and start trading emerging blockchain tokens like FTM.
Fantom has a 24-hour trading volume of $38.42 million. Over the past day, FTM dipped 0.64% against a backdrop of mixed sentiment across the crypto sector.
Zooming out, FTM has dropped 4.19% over the past week as its price cools off from recent local highs. More concerning is FTM's 20.94% loss over the past month, underperforming major cryptocurrencies.
Technically, FTM is testing support at $0.25 after bouncing from the $0.22 level earlier this month. FTM must hold $0.25 to avoid a steeper downtrend toward $0.20 support. A break back above $0.28 resistance could stabilize the downtrend.
Can Expanding Developer Adoption Boost Fantom's Price?
As a fast and low-cost blockchain platform, Fantom benefits as developers build decentralized apps, DeFi protocols and more. If Fantom continues gaining developer traction, demand for FTM may rise significantly. Fantom's strong technology makes it an intriguing long-term investment.
What Metrics Could Foreshadow FTM's Next Move?
FTM shows resistance at $0.28, where rejection could see a retest of $0.25 support. A breakout above $0.28 may signal a bullish trend reversal, opening the door to $0.32. However, losing the $0.25 support level could trigger a much deeper correction, with downside targets around $0.20. Therefore, FTM's price action around $0.25 and $0.28 is worth monitoring closely.