FTM Technical Analysis: Buyers at $2 Withstand Bearish Pressure

The FTM coin price resonates close to the $2 support zone but struggles to overcome the selling pressure and surpass the $2.45 mark. Fantom is a directed acyclic network (DAG) Smart contract software platform offering decentralized financial (DeFi) services to developers by using its own proprietary consensus algorithm. The Fantom Foundation, which oversees the Fantom products was initially established in 2018 with the introduction of OPERA, the main Fantom website, to be launched in December of 2019. In the latest news, Fantom’s TVL has risen by 12x within the last four months. But, one aspect to be aware of is the fact that cross-chain router protocols Multichain is the most dominant with 57% of Fantom’s DeFi TVL. Let us move ahead to read about Fantom technical analysis. Past Performance of FTM As mentioned in our previous article, The FTM coin price breaches the $2 support but gives lower price rejection as it rises 6.79% in the past 24 hours. It remains one of the few coins to show positive growth in the top 50 coins, as per market cap. However, the price action fails to create a bullish follow-through candle in the daily chart. Nonetheless, being the top contender of Ethereum, as a layer-1 ecosystem, Fantom may shortly gain the bullish trend back. FTM/USD Daily Chart FTM Technical Analysis The FTM coin price action shows a consolidation sideways move slightly above the $2 support zone. Despite the constant long-tail form...