December 6, 2022

FTM Price Analysis: Fantom (FTM) Token Skyrockets into New Highs, Weekly Chart Hints Bearish Divergence

2 min read

FAntom FTM tokenFAntom FTM token

In the DeFi and Yield Farming community, Yearn Finance now adds support for the Fantom Network, owing to its low cost and speed. Yearn Finance, which began as an automated Yield aggregator that uses users the greatest yields for their properties on the Ethereum environment, now offers multichain assistance with the Fantom ecosystem as a major turning point.

By changing their network from Ethereum to Fantom on the Web3 wallet, users can begin interacting with the four Fantom-based Vaults on Yearn, that include: USD Coin, Fantom, DAI, and the Magic Internet Money [MIM] stablecoin.

In addition to the Yearn Vaults, the joint Iron Bank venture in between Yearn and C.R.E.A.M a financing and borrowing platform also launces on Fantom. Insights from FTM Scan expose a growing variety of distinct addresses from 1,500 in April to 854,284 at the time of this report.

As popular DeFi applications such as Curve Finance, Yearn Finance, Sushiswap, and Ren join the Fantom Network, experts speculate on brand-new gains for the FTM token. Let’s dive into the rate charts of the FTMUSDT, beginning with the weekly summary, and cover things up on the 4HR timespan.

Fantom (FTM) Weekly Chart Analysis

This week the Fantom(FTM )cost sets a new all-time high at 2.4410, after an unexpected price surge above the 1.940 resistance. An earlier breakout of the bearish divergence trend line on the RSI sent out the cost of the FTMUSDT into a bullish trajectory by roughly 551% from the breakout point.

Find out more: Fantom [FTM] Evaluation and FTM Price Prediction 2021

Fantom (FTM) Daily Chart Analysis

Looking at the day-to-day timespan, the RSI [4] fired up the uptrend after breaching level-75, and it has actually not reached level-25 ever since the breakout on 31 July ’21. Enormous need for the FTM token forced the FTMUSDT above the 1.94 resistance and we expect an additional walking in the FTMUSDT as the crypto set enters cost discovery.

Fantom (FTM) 4HR Chart Analysis

< img class ="aligncenter size-full wp-image-91920"src="https://cdn.coingape.com/wp-content/uploads/2021/10/08232757/unnamed-221.png" alt =""width=" 1143 "height="583"/ > An unexpected price burst above the 1.524 resistance attracted more buying power for the FTM token as the cost goes into overbought territory on the 4HR amount of time.

We prepare for a price pull-back from the current highs and look to resume the positive campaign if the RSI drops below level-75.

Although the upward momentum could still continue on the intraday levels, traders are advised to watch out for an impending bearish divergence on the weekly timespan.

Fantom (FTM) Intraday Levels

  • Spot rate: 2.260
  • Mid– Term Trend [H4]: Bullish
  • Volatility: High
  • Support: $1.5240 and $1.2876
  • Resistance: $2.441

The post FTM Price Analysis: Fantom (FTM) Token Skyrockets into New Highs, Weekly Chart Hints Bearish Divergence appeared first on Coingape.