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Fantom Coin is a directed acyclic graph (DAG) based on smart contract platform which provides decentralized finance services to developers using its consensus algorithm. With its native token FTM, It aims to solve problems associated with smart contract platforms such as the transaction speed, scalability and security. The transaction speed is said to have been reduced to 2 seconds by the developers.
Fantom is an open source decentralized smart contract platform for decentralized applications and digital assets that has been created to be an alternation to Ethereum. It has the aim to overcome the limitations of the previous blockchains while balancing three of the components: Scalability, security and decentralization.
Fantom is a layer 1 blockchain which uses a scratch-built consensus mechanism and also an independence consensus layer, Lachesis, to facilitate Decentralized Finance and services based on smart contracts. The long term mission of the project is to achieve compatibility between all transactions bodies around the world.
Fantom and its native token (FTM) were introduced under the Fantom Foundation on 15th if June, 2018 by Dr. Ahn Byung Ik, who is a computer scientist and Michael Kong who started as Fantom Company CEO. As we know the Fantom project is new to the system, it has been able to prove itself to be in competition with both the Ethereum and Solana Blockchain.
The token has a lot of potential to which every trader to look out for. It has unique features which makes it specail some of which are;
The ability to finalize transaction is 2 seconds along with an improvement of its security using Proof-of-Stake algorithm
It has a mission to grant compatibility between transactions bodies around the globe.
Fantom was able to raise $40 million through sales to be able to fund the project development
All the features above gets to attracts traders and companies to want to work with the project and that gets a long way to add value to the price. I see to it the price of the token get back to its all time high $3.48 by the end of the year.
As of now the current price of FTM is at $1.32 USD which is ranked #43 on the CoinMarketCap token list. It has a 24 hour trading volume of $634,372,795 USD and market cap of $3,372,024,344 USD. It also has a circulating supply of 2,545,006,273 FTM
FTM for the past years since it was listed in 2018 where the price was $0.04.Fast forward, a huge raise in price was witnessed in September 2021 when the priced got to $1.66. Later on October 28th the same year , it had its all time high to be at $3.48 which later saw a recline in price.
FTM can be traded on most of the popular exchanges which includes Binance, Houbi, Poloniex and a lot of other exchanges.
I will be using the pair FTMUSDT 30 minutes candle stick chart. I used TradingView to make my Technical Analysis and Binance to make my FTM token purchase. I used the candlestick chart due to its ability to reveal more details such as the open and close prices of each candle stick. On these analysis, I will be using two indicators which are the RSI Indicator and Exponential Moving Average. Both Indicators are good Indicators and also for scalp trading which I will be using in this trade operation.
Using the EMA we can see the 20 period crossing above the 50 period which indicates a bullish trend is about to take place. And also we see the 20 period serving as a support to the price rejecting the price into bullish at several occasions. This indications gives the trader the go ahead into the market but with in mind there might be false signals which is why i will be using the RSI indicator to confirm this signals.
The RSI indicator is also a trend identifying indicator. At the moment we can see the price at the range of 50 to 70 heading in a bullish trend. While the prices rises I will make sure i exit the market before it gets to the overbought region because there will be a high chance of a trend reversal into bearish. The RSI has also gave us a bullish trend to confirm. Now I will go ahead and get into the market while i monitor the prices.
I went ahead and get into the market at the price of $1.307 setting my takeout profit at $1.315 and stop loss at $1.298. This gives me a risk to reward ratio of 1:5.
I made an intraday trade which is a scalp trade so i can make some profit off the small price changes within the day. On a 30 mins candlestick chart, i did my analysis and placed my stop loss and takeout profit which is achiveable within the day thus making a realistic trade. Through the day I still find multiple opportunities to capitalize on.
I definitely will and this is due to its unique features which makes it standout. These features are also needed by almost every trader. Before that, you should make your own research to make sure its really what you want and how its suits your trading style.
Its a good project and every trader has to put it into consideration onto the projects they want to follow.
Best
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