Is Fantom a buy opportunity after the price exploded?

Fantom FTM/USD was one of the best performers on the cryptocurrency market last several weeks, and the price of this cryptocurrency has advanced from $1.16 above $3 since December 04, 2021.

The current price stands at $2.63, and if you decide to trade FTM in the upcoming days, you should use a “stop-loss” order because the risk of the trend reversal remains high.

Platform for digital assets and dApps

Fantom is an open-source smart contract platform for digital assets and dApps, and the main characteristic of this platform are speed, security, and scalability.

Fantom solves the problems with the limitations of previous generation blockchain platforms, transactions on Fantom are almost instant, and fees are extremely low.

Fantom has a modular architecture that allows for full customization of blockchains for digital assets, and it is important to mention that it is compatible with Ethereum, so you can run your Ethereum dApps on Fantom.

Many important projects have already collaborated with Fantom, and according to the latest news, Movr Network has integrated Fantom into FundMovr, a metabridge that facilitates seamless cross-chain asset transfer. Michael Kong, CEO Fantom, said:

We are extremely pleased to be working with Movr network. In a future that will rely heavily on cross-chain technologies, FundMovr’s innovative bridge aggregation solution will play a vital role in promoting interoperability.

Fantom tokens have the symbol FTM, and to interact with this open-source smart contract platform, you should use FTM tokens.

FTM plays an important role in the Fantom ecosystem, and you can earn rewards by staking your FTM to help secure the network.

Fantom (FTM) has exploded since December 04, 2021, and this cryptocurrency continues to trade in a bull market. The daily volume of FTM remains high, but traders who have this cryptocurrency on their watch list should consider that the price could also weaken from the current levels.

Bulls in control of FTM

This cryptocurrency has made a big jump in a short period and, if you decide to buy FTM, you should use a “stop-loss” order because the risk of the trend reversal remains high.

The cryptocurrency market remains under pressure this week, Bitcoin is trading below $43000, and the risk of further decline is still not over.

If bigger investors unexpectedly sell a substantial amount of FTM, it could result in an extreme correction as a small price change could provoke liquidations from traders with high leverage.

Data source: tradingview.com

FTM is currently trading below its recent highs, and it would be a strong sell signal if the price falls below $2 support.

The next price target could be at $1.5 or even below; still, if the price jumps above $3, we have the open way to $3.30.

Summary

Fantom is an open-source smart contract platform for digital assets and dApps which solves the problems with the limitations of previous generation blockchain platforms. FTM is the utility token of this platform, and it was one of the best performers on the cryptocurrency market last several weeks.

The post Is Fantom a buy opportunity after the price exploded? appeared first on Invezz.