Fantom reached new resistance after a recent 50% upswing as the token encountered a challenging hurdle on this uptrend so let’s read more today in our latest cryptocurrency news.
Fantom reached a new resistance level as it increased by more than 50% over the past two weeks and now the Layer 1 token reached the critical area of resistance as is sliced through $.63. Fantom managed to recover a little from the recent downtrend but there’s still one hurdle that has to be overcome to be able to reach a higher level. Fantom is soaring in its attempts to catch up with the rest of the market.
The platform suffered a steep correction which started in late January to reach a yearly low of $1.04 while the Layer 1 token seems to have formed a local bottom because the price increased by more than 50% since then. A few obstacles appeared on the way but FTM could have the strength to shoot higher. From a technical perspective, it seems that Fantom met some bigger resistance after the recent upswing and the 50-day moving average to $1.54 seems to be keeping the coin at bay and preventing it from making higher highs.
The daily candlestick close above this level and the 61.8% FIB retracement level near $1.63 can encourage investors to join the marekt once again. After breaching this resistance zone, a spike in buying pressure can propel Fantom to the next supply area between the 50% and the 38.2% fib retracement level with the keys resistance points sitting at $1.87 as well as $2.15. things seem to be looking great for Fantom and it awaited a sustained close above the $1.54 level as an imperative. Failing to overcome this hurdle can result in a surge in profit-taking which can push the coin’s price down. Under these circumstances, the layer 1 token will dive to a new low at $1.04 and try to form a double bottom pattern.
As recently reported, Fantom-based Fantasm Finance was exploited for over $2.6 million worth of crypto with the stolen tokens being swapped for Ether using Tornado Cash.
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Some of the funds were recovered from the protocol during the early hours of Thursday but either way, Fantom-based Fantasm Finance got exploited. Hackers were able to mint XFTM which is a representation of Fantom’s FTM on Fantasm by using a small amount of the FSM tokens.
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