ย ย ย ย ย ย Fantom Crypto Shows Buying Pressure – Why Remain Bullish on FTM?
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 letโs have a look at where it stands now and why it has been bullish this week.
Fantom Daily Chart Analysis โ 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 โ Jumping on 123swap Partnership
But,ย 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 weโre 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 thatโs 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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