Fantom Crypto Price Prediction: Is FTM Ready For Breakout?

• The price of Fantom crypto has decreased by -1.68% in the past 24 hours.
• There are 3,175,000,000 FTM of Fantom crypto in total, but only 2,801,849,488 FTM are in circulation.

Fantom is a cryptocurrency that uses a network of computers to store and share data. It works with IPFS, which is a distributed system for storing and accessing files. Fantom aims to create a global data storage market, where people can use FIL tokens, the network’s own currency, to pay or earn money. Fantom also rewards miners who provide storage space and bandwidth to the network. FTM launched in October 2020 after raising $205 million in an ICO in 2017.

The price of one Fantom coin is $0.1982 and its market cap is $555.5 Million, making it the 60th largest cryptocurrency in the market. The amount of money traded in Fantom in a day is $26.5 Million, which is 4.74% of its market cap. This is what CoinMarketCap.com reports.

Fantom crypto has been dropping from higher levels and is still +57.11% above its all-time low, forming a range. It has not broken out of this range and has shown bearish candles.

Fantom Price Technical Analysis in Daily Time Frame

Fantom has faced a -5.0% decline in the past week after meeting resistance at the higher levels. It is now trading near the low of the previous swing with bearish candles, indicating a weak market.

Fantom crypto is trading below the 50-day and the 200-day EMA, which signals a bearish trend. This means that the market is facing more selling pressure and the price is likely to go down further.

The market is dominated by the sellers, as the Fantom price is weak on the RSI. It is below the 50 level and the 14-day SMA line. The RSI has failed to break above the 50 level and could fall more.

Fantom Holdings Analysis

The majority of FTM crypto is in the hands of the whales, who own 64.2388% of the total supply. The rest of the investors have 35.7611% of the supply. The whales hold 1.7 Billion coins, while the others have 198.6 Million coins.

Conclusion

The market is making lower levels and the FTM price could break the key support zone. The EMAs are negative and the RSI is in the negative zone. The charts show a bearish price pattern.

The crypto is in a no-trading zone and it is not advisable to trade on it now. One should wait for the price to rise above 0.32150 before making any long position. One should also do proper research before trading.

Technical Levels: 

• The support levels for FTM Crypto are $0.19407828 and $0.23070505
• The resistance levels for the FTM Crypto are $0.32074584 and $0.38942102

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.