The cryptocurrency market has been experiencing a strong bullish sentiment. Yesterday, bitcoin managed to touch $57,000, which is a 5-month high for the coin. Altcoins have been trading in the green zone because of this uptrend. Fantom is among the altcoins that have made significant gains in the past 24 hours.
Fantom is trading at $2.19 at the time of writing after a 6% gain in 24 hours.
Fantom Price Analysis
Fantom is among the few altcoins that have reclaimed all-time highs following the market bulls. On October 8, FTM reached a record high of $2.44, but it failed to maintain that price after a slight correction.
The uptrend made by FTM over the past 24 hours shows that the altcoin could be attempting another rally towards high levels. If the gains continue, we will see FTM testing the resistance levels at $2.25 and $2.30. This price action could pave the way for FTM to reclaim its record high of $2.44, and another target at $2.50 could be created.
Over the past two weeks, FTM has gained by more than 70%, with these gains happening because of market and buyer support. If there is a dip in these supporting factors, FTM could head towards a sharp correction that will retest the $2 and $1.80 support levels. However, dips are currently creating ideal entry positions for buyers; hence holding above $2 is possible.
The current FTM rally has coincided with the expansion of Yearn Finance into the Fantom network. Yearn Finance announced that it would be going multichain, and it chose Fantom as the first step towards this development. Yearn Finance chose Fantom because the network was fast, easy to use, and simple to bridge to.
The Fantom network is also enjoying growth because of the adoption by decentralized finance (DeFi) projects. The network was recently selected by Geist Finance, a lending and borrowing protocol that is now live on Fantom.
Where to Buy FTM
If you want to buy FTM, you can open an account on the following exchanges:
eToro is a leading and reliable exchange platform that supports a wide range of cryptocurrencies and trading pairs. eToro offers competitive trading fees and commissions that make the exchange favourable to traders.
You can also buy FTM from Binance. Binance is the largest cryptocurrency exchange in terms of trading volumes. It offers high liquidity and charges low trading fees. Binance also has user-friendly features that make the platform easy to use.
Looking to buy or trade Crypto now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider