This article will analyze the FTM coin according to www.coinmarketcap.com data. First, we will discuss the FTM coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is FTM Coin?
Fantom (FTM) is a cryptocurrency and blockchain platform that provides fast, scalable, and secure decentralized applications (dApps) and smart contracts. It aims to address the limitations of existing blockchain networks by utilizing a directed acyclic graph (DAG) consensus algorithm known as the Lachesis protocol
The Fantom platform seeks to enable high transaction throughput, low fees, and quick confirmation times, making it suitable for various applications such as DeFi (Decentralized Finance), supply chain management, and more. By utilizing the Opera Chain, which is Fantom’s mainnet, the network aims to achieve thousands of transactions per second (TPS) with low latency.
What are the projects of FTM?
Here are a few notable projects and features associated with the Fantom (FTM) coin:
Fantom Opera Chain: The core infrastructure of the Fantom network, designed for high-speed, scalable transactions.
FTM Staking: FTM token holders can participate in the network’s consensus mechanism and earn rewards by staking their tokens
Fantom Finance: Fantom supports various DeFi applications, including decentralized exchanges (DEXs), lending platforms and yield farming protocols.
Anyswap Bridge: Fantom has a bridge connecting to the Ethereum network, allowing users to transfer assets between the two chains.
Fantom NFTs: Fantom supports the creation and trading of non-fungible tokens (NFTs) on its platform, enabling artists, collectors, and developers to participate in the growing NFT ecosystem.
Factors Influencing FTM Price
Several factors can influence the price of the Fantom (FTM) coin, including:
Market Sentiment: Like any cryptocurrency, FTM’s price can be influenced by overall market sentiment and investor perception of its value.
Network Adoption: The level of adoption and usage of the Fantom platform by developers, users, and enterprises can impact the demand for FTM tokens
Partnerships and Integrations: Collaborations with other projects, platforms, or organizations can enhance the visibility and utility of Fantom, potentially affecting its price.
Market Competition: The presence of other similar blockchain platforms and cryptocurrencies may impact the demand and perceived value of Fantom
Regulatory Environment: Regulatory developments and legal considerations surrounding cryptocurrencies and blockchain technology can have an impact on FTM’s price.
Technological Updates: The successful implementation of new features, improvements in scalability, security, or efficiency of the Fantom platform can positively influence the price.
It’s important to note that cryptocurrency prices can be highly volatile, and investing in cryptocurrencies carries inherent risks. It’s always advisable to conduct thorough research and seek professional advice before making any investment decisions.
FTM COIN TECHNICAL ANALYSIS
After seeing $ 3.4842 in October 2021 FTM dropped 95% by November 2022, down to $ 0.1642. Although it went up to $ 0.6555 with the purchases in the market in January 2023, it is currently trading at $ 0.2612. According to www.coinmarketcap.com data, FTM, which has a size of $730,412,702, has had a volume of $57,224,043 in the last twenty-four hours.
FTM Coin Chart Analysis
After testing its historical high of $3,4842 in October 2021, the FTM coin approached that price again in early 2022. Then, entering a downtrend, FTM lost 95% of its value until November 2022 and fell to $0.1642. FTM, which rose to $ 0.6555 at the beginning of 2023, failed to close above the 0.5992 resistance and started to decline again by entering a downtrend and is currently trading at $0.2612 under the $0.2646 support. Because it is trading under the $0.2646 support, there will be a weekly support zone of $0.1642 for the FTM coin, which I think may increase the selling pressure.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
