- FTN crypto has lost the buying momentum and rising with very small candles on the chart.
- The current market price of the FTN asset is $1.3676 with an intraday slight loss of 0.02%.
FTN is the native currency of the Bahamut blockchain, a public EVM-based layer 1 solution with a new consensus called Proof of Stake and Activity (PoSA).
FTN acts as the gas unit for Bahamut, enabling staking and block creation and validation functions, as well as cross-chain operations.
Initially, FTN was issued as an ERC-20 token that serves as a utility token for the whole SoftConstruct – a leading IT solutions provider – ecosystem, enabling users to make all kinds of business and personal arrangements among themselves and any of SoftConstruct’s products and services.
Bahamut is an EVM-based, layer 1, public blockchain solution that aims to change how distributed networks deal with block rewards among network participants by adding a key parameter to the algorithm – activity.
The activity parameter is measured by the amount of gas consumed by a validator’s smart contract, and this amount is considered when allocating the chance to become a block proposer and earn rewards.
PoSA is a variation of PoS (Proof of Stake), which adds a new parameter called activity. This activity is measured by the total amount of gas used by a validator-deployed smart contract, and it is considered when deciding the chances of becoming a validator in the next epoch.
The activity of a smart contract is the sum of all gas consumed by users when interacting with the contract. The more gas a contract consumes, the more active it is regarded to be. This activity is then merged with the validator’s stake to determine their rank.
Let’s Analyze, What FTN Crypto Is Exhibiting On Chart?
The Fasttoken asset price was revealing bullish signs earlier and was showing the capacity to climb higher. Even, FTN has recorded good results in the previous week by 2.02%, month by 12.33%, and quarter by 24.10% respectively, signifying a steady upward movement.
However, it seems like the FTN crypto has lost the buying momentum and rising with a very small candle on the chart.
The FTN crypto asset is exhibiting weakness in bullish momentum and can start to drop lower, in the future.
It seems like the supply range is getting ready, which is causing the small candles on the charts. If it falls, it could signify a solid downward momentum soon.
The current market price of the FTN asset is $1.3676 with an intraday slight loss of 0.02%.
The FTN could start a wonderful rally only, if it crosses the $1.50 level, which is above the resistance trendline. Then it could lead to new highs in the future and help it to break the further resistance level and grow to new levels from the current price. On the other hand, if it fails and plunges, then it could fall to $1.00.
Now, the FTN crypto asset is exhibiting bullishness while sustaining above the major trend EMA’s. However, if the situation got swapped after meeting the supply range, it might start to plummet.
The FTN asset is exhibiting a probability of bearishness coming as on closely observing the child candles, which is a sign of losing momentum.
In the future, if bullish engulfing is not displayed on the chart, it could slump below and conquer supporting EMA’s, depending on the seller’s increase in the future session.
In addition, the FTN crypto asset is displaying bearish characteristics as the RSI is at an extremely overbought area and MACD is about to converge, which could be a bearish sign.
meanwhile, the RSI at 84 and MACD at 0.0353 respectively, implying that the asset is losing momentum and can achieve new depths.
Summary
The FTN crypto asset is exhibiting weakness in bullish momentum and can start to drop lower, in the future.
Moreover, The FTN could start a wonderful rally only if it crosses the $1.50 level, which is above the resistance trendline. Then, it could lead to new highs in the future and help it to break the further resistance level and grow to new levels from the current price. On the other hand, if it fails and plunges, then it could fall to $1.00.
Technical Levels
Support Levels: $1.00
Resistance Levels: $1.50
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.