HomeHere is why Fantom has been rallying over the past 24 hours

Here is why Fantom has been rallying over the past 24 hours

Hassan Maishera

The broader cryptocurrency market has been underperforming over the past few hours. However, Fantom has been rallying and has added more than 4% to its value.

The cryptocurrency market has lost more than $200 billion over the past 24 hours. The prices of most cryptocurrencies are down by more than 5% in the past few hours, with Bitcoin dropping below the $44k level.

Ether is also struggling and finally dropped below the $3,500 resistance level. However, FTM, the native token of the Fantom blockchain, has been rallying. FTM is up by more than 4% over the past 24 hours despite the broader market underperforming.

The rally could be due to the Fantom Foundation announcing that Movr Network has integrated its network. FundMovr is an innovative solution that aggregates all bridges, decentralised exchanges (DEXs), and DEX aggregators in one easy-to-use app.

Following the latest development, FTM has added more than 4% to its value over the past 24 hours. At press time, FTM is trading at $2.9 per coin, outperforming numerous cryptocurrencies in the process.

Key levels to watch

The FTM/USD 4-hour chart is one of the most bullish in the cryptocurrency market at the moment. The technical indicators show that FTM is performing excellently and could rally higher in the coming hours.

The MACD line is above the neutral zone, while the 14-day RSI of 56 shows that FTM could soon enter the overbought region. If the positive market performance is maintained, FTM could rally past the $3 zone and top the first major resistance level at $3.2

In the event of an extended market performance, FTM could rally past the second major resistance level above the $3.7 mark. However, if the bears regain control, FTM could retrace towards the $2.5 support level in the coming hours.

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