Fantom FTM Coin pumps +73% in a Single Day amid Collaboration with YFI Yearn Finance

By Malik Junaid February 26, 2021 In Crypto News, Market Analysis, Trading

Fantom FTM is trading in an uptrend here like many other altcoins. The Cryptocurrency FTM just went up +73% in a single day by breaking a Falling wedge pattern with strong buying volume and surges over +272% 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.

Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Quick Stats

Global rank:44
Market cap:$2,450,093,091 AUD
Current price:$1.02 AUD
All time high price:$1.12 AUD
1 day:+73.38%
7 day:+272.96%
1 year:+11172.81%

FTM Price Analysis

At the time of writing, FTM is ranked 44th cryptocurrency globally and the current price is $1.02 AUD. This is a +272.96% increase since 19th February 2021 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above candle chart, we can clearly see that FTM was trading inside the falling wedge pattern on the FTM/USD pair. The first resistance was on the $0.5672 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 crashing 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?

General market sentiment suggests we are in the middle of the bull run season which 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 the following 3 reasons why FTM price continues to surge high:

  • Yearn. Finance helps facilitate a cross-chain bridge to Ethereum
  • On-chain governance boosts community involvement
  • Fantom plans to integrate staking and DeFi features

Recent FTM News & Events:

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.

Malik Junaid

Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

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