Fantom Crypto Shows Buying Pressure – Why Remain Bullish on FTM? - Forex News by FX Leaders
Fantom remains bullish while the crypto market is bearish

Fantom Crypto Shows Buying Pressure – Why Remain Bullish on FTM?

Posted Wednesday, November 24, 2021 by
Skerdian Meta • 2 min read

Fantom FTM crypto has been really bullish since August, appreciating many times in value during these months. The positive momentum in the cryptocurrency market has helped pull these crypto higher, but it has been much more bullish than the market average, which is now defined by Ethereum.

The reason for this has been the boom in decentralized finance (DeFi) as higher inflation in fiat currencies drives people to digital currencies. Fantom has been surging and it is presenting us with a buying opportunity, so let’s have a look at where it stands now and why it has been bullish this week.

Fantom Daily Chart Analysis – The 100 SMA Held As Support

The previous support has turned into resistance for FTM now

Fantom crypto has been in retreat during November as the cryptocurrency market turned bearish, following a strong bullish month in October. FTM/USD increased more than 22 times in value since July, forming support after support on the previous highs until reaching $3.50 here it reversed lower. Sellers broke the first support at $2.50 and then pushed below the 50 SMA (yellow) as well on the daily chart.

But, the 100 daily SMA (green) held the decline, and together with the second support below $2, they helped keep the trend bullish. Yesterday we saw a bounce higher which stopped at the 50 SMA and today Fantom is looking bullish again, but buyers will have to push above the 50 SMA at $2.50 in order for FTM/USD to resume the bullish trend.

Fantom Fundamentals – Jumping on 123swap Partnership

But,  what helped Fantom turn bullish in the last two days when the crypto market still remains bearish? 123swap announced a new partnership with Fantom yesterday, which should raise the visibility of FTM, making it a more attractive asset when we’re talking about coin swaps. 123swap which is one of many platforms where digital currency holders swap their coins with little friction, will integrate Fantom into its ecosystem.

But that’s not all for Fantom, as it keeps progressing further. The number of daily transactions reached a record of 1.8 million last week, which puts it among the industry leaders. Besides that, the amount of the total value locked (TVL) in DeFi exceeds $5 billion, more than any other competitor. So, FTM/USD is showing bullish signs and it would be a good time to buy this cryptocurrency if it pushes above the 50 daily SMA.

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