FTM Price Analysis: FTM Outperforms, Fantom-Based Hector Network Scores Partnership With Football Club, Borussia Dortmund

• Fantom (FTM) is up nearly 4% in the last 24 hours
• FTM was changing hands at $0.362, up 5.54% over the last seven days
• Hector Network, a Fantom-based blockchain, has locked down a huge partnership with one of the largest football clubs in the world

Fantom (FTM) is up nearly 4% in the last 24 hours against a backdrop of bitcoin and the majority of altcoins that traded in the red. At the time of publication, FTM was changing hands at $0.362, up 5.54% over the last seven days. The Hector network, a Fantom-based blockchain, has locked down a huge partnership with one of the largest football clubs in the world, Borussia Dortmund. It announced in a tweet, “We’re champion partners of Borussia Dortmund!” “BVB is one of the most iconic football clubs in the world.” Borussia Dortmund, BVB, or simply Dortmund, is a German professional sports club based in Dortmund, North Rhine-Westphalia, dating back to 1909. This sponsorship hopes to bring the Hector network game-changing publicity, engagement, and mainstream visibility.

Key Levels
Resistance Levels: $0.6049, $0.4300, $0.3717
Support Levels: $0.3200, $0.2882, $0.2213

FTM/USD Daily Chart: Ranging

FTM/USD Daily Chart

The daily moving average (MA 50) limits the initial downside after FTM/USD crossed higher on July 19. However, if Fantom (FTM) fails to break through the next horizontal resistance around $0.4300, traders should expect a selloff in the $0.3000 zone. Furthermore, breaking through the resistance may place FTM in a convergence zone for traders between the MA 50 at $0.3000 and MA 200 at $1.0000.

Breaking the mentioned zone higher is expected to result in a bullish run. However, even in the most unlikely situation of a trend reversal, the cryptocurrency’s support levels remain solid above $0.3000. Fantom (FTM) continues its recovery above the daily moving average (MA 50) and the support level of $0.3000 as it conserves energy ahead of the next major break.

FTM/USD 4-Hour Chart: Bullish

FTM/USD 4-Hour Chart

The price of FTM/USD has gradually risen from its July low of $0.2213 low past the 4-hour moving average (MA 50) at $0.3400. Price has once again bounced off the MA 50 to reach an intra-day high of $0.3717, where it is currently consolidating. On the negative side, MA 50 at $0.3400 serves as temporary support ahead of the $0.3200 and $0.2882 significant support levels.

However, layers of support and an ascending trendline show an upward tilt and may provide some comfort. When momentum traders join the party, a bullish breakout beyond here would set off a protracted surge above $0.3717. A drop below $0.3400 (MA 50) would, on the other hand, extend the sideways movement to $0.2929 at the MA 200. A break below the moving averages could result in a repeat of the $0.2213 lows.

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