FTM, the native token of the Fantom blockchain, is rallying over the past 24 hours and could reach the $3 mark soon.
The cryptocurrency market is slowly recovering following the slump it suffered since the start of the market. The total market cap is now above the $2 trillion again as Bitcoin rallied past the $43k mark earlier today.
Ether is also performing well and could touch the $3,500 level over the coming hours. FTM, the native token of the Fantom blockchain, is also performing excellently, adding more than 3% to its value in the last 24 hours.
The rally comes after the Fantom Foundation announced a few hours ago that its blockchain now has over $10 billion in total value locked (TVL). This means that the decentralised finance (DeFi) protocols on the Fantom blockchain have more than $10 billion currently locked.
This latest development means that Fantom is the fifth-largest DeFi blockchain in the world, behind Ethereum, Terra, Binance Smart Chain and Avalanche. Fantom surpassed Solana in terms of TVL following its recent rally.
Fantom just passed $10B in TVL!
A huge thank you to the community and all the builders!
Fantom ❤️ you pic.twitter.com/0OTwOzk2Ab
— Fantom Foundation (@FantomFDN) January 12, 2022
Key levels to watch
The FTM/USD 4-hour chart is bullish at the moment, thanks to the cryptocurrency’s latest performance. The technical indicators show that FTM is performing well and could record further growth in the coming hours.
FTM’s MACD line is above the neutral zone, indicating a strong bullish performance in recent days. The RSI of 55 shows that it could enter the overbought region if the market condition is sustained.
FTM is also trading above its 50-day moving average, thanks to its current rally. If the bulls remain in control, FTM could cross the first major resistance level at $3 over the next few hours. In the event of an extended rally, FTM could look to surge past the second major resistance level at $4.2 in the coming days.