Fantom token FTM pushes above resistance
The blockchain could be borrowing gains from leader Ethereum
FTM is a buy at the low prices as the price turns bullish
There is no better time to invest in Fantom FTM/USD tokens than now. That emanates from the fact that FTM has left a trail of $0.28, which is its bottom price. Of course, there is a long way to go as FTM trades a shell of itself from its all-time high.
Fundamentally, Fantom is benefiting from the boosts in the crypto sector. Owing to its depressed prices, investors could be taking advantage. The cryptocurrency trades at a low of only $0.33. That is significantly below the all-time high of above $3.5 last year. Investors could be scooping the dip for a chance to ride higher.
Besides, Fantom investors see opportunities in layer-1 protocols for smart contracts. History has shown that whenever the price of ETH rises, alternative layers such as Fantom gain. Investors view the alternative layer-1 protocols as the best Ethereum alternatives. They offer faster speeds and carry lower transaction costs. Thus, the gains in Ethereum could be spilling over to protocols such as Fantom.
FTM blasts past a resistance level to establish a new support
Source – TradingView
Technically, FTM is very bullish after overcoming the $0.28 resistance. MACD indicators are bullish too. The cryptocurrency now trades at $0.33. The price is yet to reach another major resistance which is at $0.43.
Investors can buy at the current price level or take advantage of a minor retracement. However, we believe FTM is attractively priced, and investors can scoop the token now.
Summary
Investors’ attention is turning to FTM due to its smart contract functionality. The cryptocurrency is attractively priced and is a buy after a key breakout.
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