The Fantom price soared to an all-time high on Monday as demand for the Ethereum-killer soared. The FTM coin jumped to an all-time high of $1.30, bringing its total market cap to more than $3.2 billion. It has risen by more than 87% in the past seven days, which has propelled it to become the 48th biggest coin in the world. It is sandwiched between Kusama and BitTorrent.
What is Fantom?
Fantom is an Ethereum-killer, meaning that it is a platform that enables developers to build custom decentralized finance applications.
The network uses the Direct Acyclic Graph (DAG) smart contract platform that helps to improve the scalability of the network. It uses the Lachesis consensus algorithm (LCA), which improves the security and performance of DAG-based distributed ledger technologies.
Using the Byzantine Fault Tolerant (BFT) technology, Fantom helps to ensure that transaction speeds can rise to more than 300k per second. This is a significantly higher speed than Ethereum’s less than 20 per second.
The FTM is the primary token for the Fantom network. Its main utility is to secure the network using proof-of-stake technology. It is also the token held by validators, who must hold a minimum of 3.175 million FTMs. It is also used for on-chain governance, payments, and other fees.
The FTM price is rising as the number of activity increased. For example, the number of transactions has surged, as shown below.
Fantom price prediction
The four-hour chart shows that the FTM price has been in a strong bullish trend in the past few days. The rally accelerated after the coin jumped above the key resistance level at $0.5968, which was the highest level on August 22.
On the four-hour chart, the coin managed to move above the 25-day and 50-day moving averages (MA) while the bullish momentum has continued. The price is also substantially above the ascending trendline shown in black.
Therefore, the Fantom price will likely maintain the bullish trend so long as the price is above the 2 moving averages. The next key level to watch will be $1.400. On the flip side, a drop below $1.1200 will invalidate the bullish view. This prediction is in line with my previous article that called Fantom the next big thing in crypto.