{"id":361407,"date":"2022-12-01T05:06:58","date_gmt":"2022-12-01T10:06:58","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=361407"},"modified":"2022-12-01T05:06:58","modified_gmt":"2022-12-01T10:06:58","slug":"ftm-fantom-price-soars-8-time-to-buy-ftm","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ftm-fantom-price-soars-8-time-to-buy-ftm","title":{"rendered":"FTM Fantom Price Soars 8% – Time To Buy FTM?"},"content":{"rendered":"

The Fantom<\/a> price has grown rapidly for the past week. At the time of writing, Fantom is trading at $0.2364, with a 24-hour trading volume of more than $183 million. The market capitalization of this DeFi token has also seen a downturn by only 2%. What does this price action mean? Are the bulls taking back control after Fantom dipped below $0.2?<\/p>\n

Fantom Price Action – What is The Reason Behind The Increase<\/h2>\n

Fantom is an EVM-compatible layer one blockchain that aims to fill the scalability void created since the advent of blockchain technology. It hosts a wide array of decentralized applications and has been one of the best DeFi tokens<\/a> to invest in.<\/p>\n

In addition to supporting cryptocurrency exchanges, Fantom also provides lending protocols, yield farming protocols, and other DeFi-related attributes that crypto-investing requires.<\/p>\n

Part of the reason why people have been bullish about this asset is its unique approach to scaling. In an era where layer-2 blockchains are raking all the praise, Fantom provides a more sustainable way to scale the ecosystem.<\/p>\n

Andre Cronje, the “father of DeFi” has said that the vertical approach by Fantom to scale the ecosystem is much better since it does so without sacrificing three key factors of blockchain. They are decentralization, security, and cost-efficiency.<\/p>\n

Fantom’s flat storage and parallel processing are promising technologies that will redefine the blockchain space for years to come. Andre has long been the purveyor of practical applications of blockchain, imploring developers to focus on them instead of NFT marketplaces, metaverses, and GameFi platforms.<\/p>\n

Fantom Price – Technical Analysis<\/h2>\n

The Fantom price chart showed a gravestone Doji on 27th November 2022. It indicates a reversal followed by a down trend. Soon after, bulls rushed and created there long greens in the price chart.<\/p>\n

\"Fantom<\/p>\n

However, at the time of writing, the token is trading in the red. RSI of 62 shows that this token is closer to being overbought which indicates Fantom is heading into bearish zones. That said, crypto Twitter still has great things to say about Fantom. The recent tweets by Fantom Foundation show that LosslessDeFi has added support for Fantom.<\/p>\n

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Pleased to have @Losslessdefi<\/a> now supporting #Fantom<\/a> with their Aegis security product! 🔒 <\/p>\n

Lossless Aegis provides threat monitoring and smart contract defense capabilities, designed to prevent exploits before they happen. https:\/\/t.co\/oiJwJNs6H8<\/a><\/p>\n

— Fantom Foundation (@FantomFDN) November 30, 2022<\/a><\/p><\/blockquote>\n