FTM: Fantom Price Outlook as a Break and Retest Forms

Summary:
• The Fantom price has been in a strong bullish trend in the past few months as demand for the coin has risen.

The Fantom price has been in a strong bullish trend in the past few months as demand for the coin has risen. FTM, its native token, is trading at $3.22, which is about 180% above its lowest level in December. Its market capitalization has jumped to over $8.16 billion, making it the 25th biggest cryptocurrency in the world.

Fantom is a leading blockchain platform that has become a favorite network for developers. According to DeFi Llama, there are now more than 114 Decentralized Finance (DeFi) apps built on Fantom. 

Some of the biggest DeFi apps in the network are Multichain, SpookySwap, Geist Finance, Scream, and Abracadabra. The network’s DeFi apps have a total value locked (TVL) of more than $7 billion, making it one of the biggest players in the industry.

Fantom has also been used to build Tomb Finance, which describes itself as the first algorithmically stablecoin developed on Fantom Opera. It has a total value locked of over $1.4 billion.

The Fantom price has done relatively well as investors bet that Fantom will be the next big competitor to Ethereum and other smart contracts. It has also risen as the number of transactions in the network has started bouncing back as shown below. The number of addresses has also risen sharply. So, what next for FTM prices?

Fantom price prediction

The four-hour chart shows that the FTM price has been in a strong bullish trend in the past few months. The bullish trend saw the coin’s price jump to above $3.15, which was the highest level on January 5th this year. It has moved above the 25-day and 50-day moving averages. 

Also, the coin has formed a break and retest pattern by retesting the support at $3.15. It has also formed a cup and handle pattern, which is usually a bullish signal. 

Therefore, the path of the least resistance for the Fantom price is bullish, with the next key resistance to watch being at $3.50, which is about 10% above the current level. This view will be invalidated if the price drops below $3.00.