The crypto market has been making notable dips, with Bitcoin dropping to around $56,000. This has caused many coins in the market to drop towards the red zone, but some have shown resilience, and they are marching towards new highs. One of the top market gainers during the past 24 hours is FTM.
Fantom is trading at $2.16 at the time of writing after a 7.1% gain in 24 hours.
Fantom price analysis
FTM has been on a bullish rally during the past 24 hours, contrary to what is happening in the broader market.
Currently, the token is enjoying much buyer support despite the recession across the broader market. As such, it has managed to test the upper resistance level at $2.18. While it has shed some of these gains, it is still showing signs of making a major uptrend.
If the coin fails to make an uptrend, it could lead to losses, in which case it will push towards the lower support level of $2.15. If there are many dips in the market, it could dip towards $2.10 and below. However, given the growing activity on the network, such gains could continue attracting attention.
Last month, FTM reached an all-time high of above $3, and if there is increased buyer and market support, it could set this price as its next target.
The recent gains made by FTM come as the blockchain made a huge announcement that it had partnered with 123swap. The latter is a rapidly growing protocol regarding the decentralized finance (DeFi) sector, which is pushing FTM’s gains. Moreover, the network is also playing a major role in the DeFi sector, which is poised to increase utility for the token.
Where to buy FTM
To buy FTM, you can create an account on the following platforms:
eToro is one of the largest exchange platforms, and it charges competitive trading fees. It comes with a wide range of user-friendly features such as copy trading, which allows a new trader to copy the trading strategies of an expert trader.
You can buy FTM tokens from Binance. Binance is the leading exchange platform globally, and it supports a wide range of cryptocurrencies and trading pairs. Binance charges competitive trading fees and commissions and offers access to user-friendly features.
Your capital is at risk.