• On Monday, the Fantom (FTM) price analysis suggests a chance of a bullish bounce-off at $2.011.
• On the bearish side, a break of the 38.2% Fibonacci retracement level may initiate a selling trend until levels of 1.8690 and 1.7270.
• The RSI (relative strength index) supports a bullish bias in Fantom; thus, the idea is to keep an eye on the 2.011 level.

On Monday, the Fantom (FTM) price analysis suggests a chance of a bullish bounce-off at $2.011. Recalling our previous forecast, Recent surge in Fantom coin price, what’s behind the rally? Fantom mainly traded in line with it and hit the target of $2.

What’s behind the bullish rally? 

Considering the increased demand for Fantom, it’s staying in the spotlight. Thus, several exchanges are actively working on launching it if they haven’t launched it already.

Yearn Finance has added Fantom Network compatibility to the DeFi and Yield Farming ecosystems, because of its low cost and speed. Yearn Finance, which began as an automatic Yield aggregator that provides customers with the highest yields for their assets on the Ethereum environment, is now offering multichain integration with the Fantom ecosystem as a significant milestone.

Users can connect with the four Fantom-based Vaults on Yearn by switching their network from Ethereum to Fantom on the Web3 wallet. These are USD Coin, Fantom, DAI and the Magic Internet Money [MIM] stablecoin.

Fantom’s transaction speed

Before the current bull run, a slew of new Bitcoin assets gained public attention. Other major crypto assets are gaining popularity, including well-known cryptos such as Bitcoin, Ethereum, Cardano and XRP. Fantom is now among them, and it has grown significantly. Furthermore, FTM pricing is expected to reach double digits in the near future.

Fantom’s transaction speed is one of its primary selling points. It is capable of processing thousands of transactions per second. Transaction expenses are often negligible. Fantom had three million transactions in May, making it the quickest blockchain platform.

Fantom (FTM) Price Analysis: FTM/USD Completes 38.2% Fibo Retracement

The FTM/USD price analysis suggests a chance of a bullish bounce-off at $2.011. On the 4-hour timeframe, this level is extended by a 38.2% Fibonacci retracement level, and the closing of a candle above this level supports a bullish bias.

On the bearish side, a break of the 38.2% Fibonacci retracement level may initiate a selling trend until levels of 1.8690 and 1.7270. These particular trading levels are being extended by 50% and 61.8% Fibonacci correction levels. 

The RSI (relative strength index) supports a bullish bias in Fantom; thus, the idea is to keep an eye on the 2.011 level. Above this, the next resistance holds around the 2.1866 and 2.4705 levels.