Fantom coin (FTM) was among the cryptos which kept the bullish momentum going in September, while the rest of the crypto market was stagnating or retreating. In fact, it surged higher earlier this month, reaching some record levels, before an eventual retreat, but it remains more bullish than the majority of the market.

Fantom Analysis Daily Chart – Bouncing off the 20 Daily SMA

Fantom is a relatively new coin, native to what is presumably the fastest layer-1 smart contract platform network. It benefited from the bullish momentum in the crypto market at the beginning of this year and again in August, during the crypto reversal.

But the biggest gains have come in the last few weeks, since late August, after Atari announced that they were going to start using the Fantom network for their DeFi platform. It is really fast and enables users to play games with ATRI tokens. Trading and staking are also possible.

According to my crypto broker, FTM/USD has surged from around $0.40 to $1.94, which is an all-time high (ATH). The climb continued, even after the flash crash in the crypto market about two weeks ago, which was the beginning of a bearish period, showing once again that the demand for this token is strong. It retreated lower eventually, but the 20 daily SMA (gray) held as support, and the price is bouncing off of it, as we predicted in a crypto update last week.

Fantom Analysis H4 Chart – The 100 SMA Stubbornly Strong

The breakout above the 50 SMA on the H4 chart, as the MAs were tightening the range

On the H4 timeframe chart, Fantom crypto was finding support at moving averages during the bearish period, especially the smaller ones, such as the 20 SMA (gray) and the 50 SMA (yellow). They were broken during the pullback, but the 100 SMA (green) continues to hold as support, and it has pushed the price above the 50 SMA, which turned into resistance for some time.

So, buyers are still strong in Fantom, especially at the 100 SMA, which seems like a good place to go long from. We are long on FTM/BTC, since we don’t have FTM/USD listed on our site, and we are well in profit with this currency pair, after it gained around 20% on this latest bounce off the moving averages, while Bitcoin remains stagnant.