Fantom is an open-source smart contract platform for digital assets and decentralized apps. It is a strong contender of Ethereum, aiming to maintain the scalability, decentralization, and security of the blockchain network. It provides greater scalability and faster transactions than Ethereum 1.0.
It uses the ABFT Proof-of-Stake consensus algorithm and enhances the performance. Investors have seen an increase in the value of the FTM coin. Investors expect it will go up in the coming years.
Fantom adds all the features that Ethereum provides but offers better scalability and security; that is why it is getting popular in the crypto market. If Fantom lives up to the hype, then many investors would be interested in this token, and the price will automatically go up.
In short, Fantom is not a blockchain but a network of blockchains that allows users to build decentralized apps with better scalability and security. A DAG-based Layer 1 blockchain will enable users to mint, trade, lend, borrow digital assets, and much more.
It was founded by Dr. Ahn Byung IK, a South Korean computer scientist backed by a group of experienced computer scientists and developers to find newer ways of the DeFi ecosystem.
At the time of writing, the FTM price is $2.33. On the hourly chart, the overall movement is bullish, but in the short term, it may come downward. MACD is bullish, and RSI is also stable at 53, reflecting long-term bullishness.
However, the Bollinger Band lacks volatility on the hourly chart, and candlesticks are on the upper half of the baseline, which suggests a probability of returning and touching the baseline again.
$2.20 is the strong support level, and $2.44 is the resistance level of the coin. On the daily chart, $2.93 will be the resistance level, $2.08 is the next support level on the downside. However, we think it is too early to judge any resistance and support levels.
If you want to invest, we would suggest waiting for a few more days to analyze the movement of the token. If the hype of this new token increases, the price will rise as per our FTM coin price prediction. It is not the ideal time to invest because the FTM token is relatively new in the market, and due to the hype, the price will be volatile.