Fantom’s FTM token is up 25% weekly and is trading at $0.404 at the time of this writing, per CoinGecko data. The token is up 7% in the last 24 hours. Andre Cronje, the co-founder of Fantom (FTM), is updating the community on the smart contract platform’s progress since the new year. FTM is up nearly 100% since the start of 2023. Cronje tells his Twitter followers that no one should expect any announcements or reveals as they advance the Fantom ecosystem. “Expectation management is important, and I want to stress, there will be no announcements or reveals. No, this isn’t reverse psychology, I’m serious. We aren’t focused on announcements anymore, we simply discuss progress,” Cronje stated. The Fantom blockchain has received positive news as the Squid SDK, which allows developers to index, transform, and use blockchain data for free, has finally arrived on Fantom.
Key Levels
Resistance Levels: $0.6500, $0.5500, $0.4300
Support Levels: $0.3500, $0.2900, $0.2500
FTM/USD Daily ChartAs bulls try to convert the resistance zone at $0.4300 into support in expectation of a move higher, FTM reached a daily high of $0.4275 at the time of writing before backtracking to $0.4080 on Tuesday. If the horizontal resistance at $0.4300 is breached, market participants may be motivated to move the pair in a more defined direction. Currently, the daily period RSI indicator is near 80, signaling a buy signal.
As can be seen, several shorts were forced to cover their positions after FTM closed above $0.4000 the day before. In the near term, a little drop shouldn’t come as a surprise if the market verifies overbought circumstances. However, this can present a buy-the-dip opportunity. In the event of a retreat, the move toward the important $0.3000 could give the FTM price instant support. Otherwise, the bulls may go for the $0.5500 level as they run higher.
FTM/USD 4-Hour ChartOn the 4-hour chart, the FTM/USD pair has a positive signal. The resolution of a bullish pennant is resulting in more price growth for FTM. If the $0.4300 high is broken, a move that is still in progress should go for the $0.5500 level. Otherwise, we can see another push to the upside, supporting the current rise, if the price retraces toward the $0.4000 psychological level.
The $0.3500 levels might serve as support in the event of prolonged falls. The only event that could give bears further momentum to attack the $0.3000 level is a breach below the MA 50 at $0.3450. Overall, Fantom is still trending upward, helped by solid fundamentals. Upon a retreat, a consolidation pattern could form before the continuation of an upside move.
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