A Huge Surge in TVL: Will FTM Shoot to New Highs in the Future?

• The annual inflation rate of Fantom crypto is very well balanced.
• FTM crypto has outperformed 57% of the top 100 crypto assets in the last 1 year.

Fantom is a scalable blockchain platform using DAG consensus and the Lachesis Protocol. It supports fast, low-cost transactions and staking. It was created in 2018 by Michael Kong, Dr. Ahn Byung Ik, and Dr. Ahn Byung Jun. The FTM token is used for staking, governance, payments, and fees.

The market cap and the trading volume of the crypto have declined over the last 24 hours, showing the lack of traders in Fantom crypto. 

It is followed by a market cap value of $2.249B and a market cap dominance of 0.09%. The price volatility of the crypto is medium at 4.79%. The fear and greed index also supports the buyers as it is at 74. 

The Total Value Locked for the Fantom crypto has advanced to $130.83M in the last few days. Stablecoin market cap of the crypto has also advanced following the same. 

The stablecoins market cap value of the crypto is $326M, and the total raised amount by the crypto values is $40.0M. 

Fantom Crypto Derivatives Data Analysis

The derivatives trading volume for Fantom Crypto has witnessed a surge of 11.9% over the last 24 hours from press time. It has resulted in a traded value of $1.11B.

The open interest in crypto has declined by 1.9% in the last 24 hours since writing. 

Also, the long liquidation witnessed by the Fantom crypto in the last 24 hours is $857.81K. Despite this, the short liquidation for the crypto is worth $680.30K.

Higher long liquidation in crypto further shows sellers’ dominance.

Solid Green Candles on the FTM Crypto’s Technical Chart

The price of the FTM crypto was locked in a consolidation range for more than a month, and the price recently broke out above the consolidation pattern, leading to strong bullish sentiment in the crypto.

The price of the FTM crypto has further remained above the breakout level, which shows that the price of the crypto might continue to advance to higher levels. 

FTM/USD Chart by TradingView

While the 50-day and the 200-day EMA are trading in a golden cross, the price of the FTM crypto has broken above the 50-day EMA. It exhibits a strong bullish character in the trading price of the crypto. 

The MACD indicator seems to be pulling up for a bullish momentum as the MACD and the signal line are trading in a bullish cross and advancing towards a higher level. 

The RSI is giving a strong buy signal as it has advanced above the 14-day SMA and the 50-level, showing strength in the rising momentum of the crypto.

Summary

Fantom shows bullish potential with a significant rise in Total Value Locked (TVL) and stablecoin market cap. Despite a recent decline in market cap and trading volume, strong green candles, a golden cross on EMAs, and bullish MACD and RSI indicators suggest FTM may reach higher levels soon.

The support levels for the FTM crypto are $0.3270 and $0.640, followed by the resistance of $1.020 and $1.220.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.