The cryptocurrency market is experiencing a momentary downswing as the majority of crypto assets are trading in red on Tuesday. Fantom (FTM) is a layer one smart contract platform that aims to solve the problems of slow transaction speeds and high transaction fees. At the time of publication, Fantom was exchanging hands at $1.2182, marginally up in the last 24 hours. A bullish bias holds despite market conditions and FTM’s consolidation shortly after reaching all-time highs of $1.99 on Sept. 9. Fantom Foundation has announced it will work with OJSC Orienbank, one of Tajikistan’s oldest and biggest banks, in building a Central Bank Digital Currency (CBDC) for the Republic of Tajikistan. As stated on Sept. 27, Fantom and Orienbank will leverage Fantom’s technology stack to digitize the Tajikistani Somoni for retail and commercial payments. The platform will additionally integrate Andre Cronje’s Iron Bank protocol to enable seamless, low-fee foreign exchange with simple fiat on- and off-ramp.
Key Levels
Resistance Levels: $1.9905, $1.7765, $1.5163
Support Levels: $1.0919, $0.9382, $0.8133
FTM/USD Daily ChartFTM is consolidating after its recent retreat from the Sept. 19 high of $1.51. The bias still seems to be favoring the upside as the upsloping MA 50 is preserving the positive structure. The short-term technical oscillators are also transmitting signals of growing sentiment, promoting an optimistic outcome while the RSI is trying to sustain its push over the 50 thresholds.
If buying interest intensifies, initial resistance could be found at the nearby $1.51 high. Should the bulls’ confidence grow, they could aim for the resistance ceiling of $1.71-$1.99, which includes all-time highs. On the other hand, a loose foothold from the $1.09 level could hit the MA 50 at $0.91.
FTM/USD 4-Hour ChartRecovering from the Sept. 21 low of $1.06, Fantom has slowly ground its way up from the MA 200 at $1.15. The price action has once again bounced off the MA 50 above $1.20 where it presently consolidates. On the upside, $1.49 acts as a temporary barrier ahead of the $1.70 and $1.93 key hurdles. However, layers of support indicate an upward bias and may offer some peace of mind.
A bullish breakout beyond here would trigger an extended rally to fresh all-time highs when momentum traders join the party. On the contrary, A fall below $1.20 (MA 50) would prolong the sideways action to $1.15 at the MA 200. A dip under the moving averages may see a retest of the $1.06 lows. To Summarize, the short-term bullish structure remains firm should FTM/USD manage to keep above the $1.15-$1.20 support base, thus increasing the possibility for further positive developments in the pair.
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