- Summary:
- Fantom coin price has been on an ascent, gaining 45 percent in a week that has seen BTC gain a measly 3 percent. What's behind the surge?
Fantom coin price rose sharply late on Tuesday, going against the tide as the wider crypto market slumped. FTM price was up by 8.9 percent and traded at $1.060 at 1720 UTC, maintaining an upward trajectory on a day when the market bellwether, Bitcoin went below $92 k for the first time in five days.
Fantom outperforms Bitcoin
Following today’s gains, FTM price has gained 45 percent in the last week, and is up by 123 percent year-to-date. That means it has outperformed Bitcoin, whose weekly gains stand at 3.4 percent and is up by 119 YTD. Bitcoin has slumped this week as it comes under pressure from profit-taking investors. That has opened up an opportunity for investors to altcoins that had until recently been overshadowed by BTC and whose utility offer good value proposition.
Unlike the previous market rally of 2021, the recent rally has placed greater importance on use cases. That has denied meme coins their traditional hype-fueled glitter, and benefitted coins like Fantom. FTM powers secure and fast transactions on the Fantom blockchain, an open-source ecosystem where developers create dApps and smart contracts. Therefore, FTM price could rise substantially if that sentiment stays in play.
Fantom Coin Price Prediction
On the chart below, Fantom coin price pivots at $1.013, with the buyers in control above that mark. That will likely see FTM move higher to encounter the first resistance at $1.077. If manages to convert that level into a support, the resulting momentum could take it to test the second support at $1.100.
Conversely, moving below $1.013 will signal a momentum shift to the downside. With the sellers in control, FTM is likely to find its initial support at $0.977. However, extended bearishness could break below that barrier, invalidating the bullish thesis. Also, such a momentum could extend the decline to reach the second support level at $0.935.
