FTM Is Trapped, What Now?
FTM Is Trapped, What Now?
What is FMT? Cryptocurrencies have taken the world by storm, and one of the coins making waves in the market is Fantom (FTM).
FTM is a decentralized blockchain platform designed to facilitate instant transactions at low fees, making it ideal for businesses and developers who need to process large volumes of transactions.
FTM Current Situation
FTM has seen an impressive rally recently, with its value increasing by 220% from January 1st to February 3rd. Despite this surge, FTM is still priced relatively low compared to its all-time high, requiring a further 600% increase in value to reach its peak.
However, FTM has been struggling to break above the $0.66 resistance level and is currently trapped between the $0.66 resistance and the $0.40 support.
If FTM manages to break through the current resistance level, the next levels it will have to overcome are $1.00 and $1.60.
On the downside, the $0.165 level is the next significant support level if FTM breaks below the $0.40 support.
However, given the current market conditions, it is unlikely that the price will drop that low. Instead, the 200 Simple Moving Average (SMA), which acts as a mobile support and resistance, is a more probable level of support.
Bottom Line: Overall, FTM is an exciting cryptocurrency to watch as it continues to gain popularity and attract investors. Its low transaction fees and fast transaction times make it an attractive option for businesses and developers.
However, as with any investment, it's essential to do your research and proceed with caution before investing in FTM or any other asset.
