The Fantom price has jumped in the past 16 hours as demand for the Ethereum-killer increases. The FTM token is trading at $1.5435, which is about 23% above the lowest level this week. Its total market cap has moved to more than $3.8 billion, making it the 45th biggest cryptocurrency in the world.
Fantom is a popular proof-of-stake blockchain network that enables developers to build applications. In the past few months, it has become a popular platform as investors remain optimistic about its speed and interoperability.
It has been used to build applications like those in the Decentralized Finance (DEFI) industries. According to DeFi Llama, there are 92 decentralized applications that are built using the network. These platforms have a combined total value locked (TVL) of more than $4.7 billion, making it the 7th biggest platform.
However, in the past few weeks, the number of transactions in the network has declined from an all-time high of 1.8 million to about 605k.
Fantom price prediction
The four-hour chart shows that the FTM price has been in a bearish trend in the past few weeks. It has dropped by more than 55% from its highest level this year. The coin has formed a descending channel. It is now attempting to move to the upper side of the descending channel. The coin has moved to the 25-day moving average while the Relative Strength Index (RSI) has also risen.
Therefore, there is a likelihood that the coin will move to the upper side of the descending channel at about $1.65. It may then resume the downward trend as bears attempt to retest the lower side of the channel at $1.26.
