Fantom (FTM) is currently tackling the barrier near the daily MA 50 at $1.54. FTM price is consolidating after reaching intraday highs of $1.53 while trading up 2% at $1.42 at press time. Fantom Foundation has announced a new 335 million FTM Incentive Program in partnership with Gitcoin Grants. The funding initiative aims to boost team building in the Fantom ecosystem thanks to direct contributions from users and supporters. Through the new incentive program, Fantom’s users will be able to specify which projects will receive greater FTM matching rewards. The first Fantom Incentive Program, which was launched on Aug. 30, 2021, has so far received more than 100 applications and paid out more than 35 million FTM to some of the ecosystem’s biggest projects.
Key Levels
Reistance Levels: $2.081, $1.776, $1.600
Support levels: $1.300, $1.150, $1.035
FTM/USD Daily ChartAfter having rebounded from a low near the key $1 support level on Mar. 14, Fantom has been steadily rising. From Mar. 21, the No. 38 cryptocurrency posted a bullish action to mark seven consecutive days in the green. The resulting surge for Fantom prompted the price to hit highs last seen since Mar. 6, approaching the MA 50 support now turned barrier at $1.53.
In case Fantom follows the leading of the markets, FTM price might encounter a slight barrier around the MA 50 barrier. In this event, the near-term downside target remains at the noted $1 psychological support level. The RSI remains above the 50 neutral levels suggesting that bulls have not conceded much grounds while signaling consolidation. Alternatively, a bullish continuation above the MA 50 might re-challenge the $2 level.
FTM/USD 4-Hour ChartFTM reversed slightly to the upside following the rebound off the $1.03 level. Momentum indicators in the 4-hour chart are currently supporting sideways action as the RSI continues to hold above the threshold of 50. It is worth mentioning that the 4-hour moving averages are in the process of posting a crossover, another key item to watch.
A clear dip below the MA 50 and 200 could bring the FTM/USD pair lower until the $1.30 Level. Such a dip may carry more downside extensions and may open the path towards the next support of the $1.03 level, marked by the low of Mar. 15. Should the price decisively close above the $1.53 level, bulls could extend the positive sentiment towards the $2.08, reached on Mar. 2.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
