Fantom Breakout Analysis – FTM Pumps +54% in a Single Day with Active Uptrend

Fantom FTM is trading in uptrend here like many other altcoins. The Cryptocurrency FTM just went up +54% in a single day by breaking a Falling wedge pattern with strong buying volume and surges over +195% in a week.

What is Fantom?

Fantom is a directed acyclic graph DAG smart contract platform providing decentralized finance DeFi services to developers using its own bespoke consensus algorithm.

The Fantom Foundation, which oversees the Fantom product offering, was originally created in 2018, with the launch of OPERA, Fantom’s mainnet, coming in December 2019.

FTM Quick Stats

SYMBOL:	FTM
Global rank:	95
Market cap:	$261,832,939 AUD
Current price:	$0.1012 AUD
All time high price:	$0.1294 AUD
1 day:	+54.38%
7 day:	+195.96%
1 year:	+759.81%

FTM Price Analysis

At the time of writing, FTM is ranked 95th cryptocurrency globally and the current price is $0.1012 AUD. This is a +195.96% increase since 21st January 2021 (7 days ago) as shown in the chart below.

After looking at the above 1-day candle chart, we can clearly see that FTM was trading inside the falling wedge pattern on the FTM/BTC pair. The first resistance was on the $0.0684 AUD price levels which FTM broke with a strong bullish trend buying volume and is now heading towards the all-time high price in AUD. Seeing that many altcoins are waking up bullish this week, FTM is likely to continue to increase in the uptrend.

“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”

What do the Technical indicators say?

The Fantom FTM TradingView indicators (on the 1 day) mainly indicate FTM as a buy, except the Oscillators which indicate FTM as a sell.

So Why did FTM Breakout?

The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying FTM for the next Altcoins rally & it could also be contributed to some of the recent news of Ideal Infrastructure for CDBC.

Stat: Nearly 40% of Central Banks consider likely or possible to issue a general purpose CBDC in the medium term.

Fantom offers an ideal infrastructure for CDBC.

Fantom is:
✅ Fast: 1-2 sec latency
✅ Scalable
✅ Securehttps://t.co/gk1NeltlWz

— Fantom Foundation (@FantomFDN) January 22, 2021

Recent FTM News & Events:

• 30 June 2020 – Fantom Finance Release
• 05 August 2020 – DeFi Conference 2020
• 12 September 2020 – ATOMARS Listing

Where to Buy or Trade FTM?

Fantom has the highest liquidity on Binance Exchange so that would help for trading FTM/BTC or FTM/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.