Fantom (FTM) Is Ready For More Upside After Surpassing Binance Smart Chain

FTM gained strong upside momentum and is up by 12% in the last 24 hours despite the current weakness of the crypto market.

FTM Shows Strength After Fantom Surpasses Binance Smart Chain In TVL

Fantom has recently surpassed Binance Smart Chain in TVL (total value locked), highlighting the strong momentum behind the network.

This move provided material support to FTM, which has already began to rebound after the recent pullback which was triggered by general weakness in crypto markets.

As leading coins have failed to deliver a sustainable rebound in recent weeks, traders are actively searching for promising projects with an upside trend.

In this environment, FTM has a good chance to attract more attention and move higher in the upcoming days.

A Move Above The 50 EMA Will Push FTM Towards $2.50

FTM received support near $2.17 and rebounded towards the resistance level at the 50 EMA at $2.37. In case FTM manages to settle above this level, it will move towards the next resistance level at $2.45. RSI remains in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge. If FTM gets above $2.45, it will head towards the next resistance level which is located near the 20 EMA at $2.50.

On the support side, FTM needs to settle below the support at $2.17 to have a chance to gain downside momentum in the near term. The next support level for FTM is located at $2.10. In case FTM declines below this level, it will move towards the next support level at $2.00.

Taking a look at H1 chart, we can see that RSI remains in the moderate territory, so FTM has a good chance to get above the nearest resistance at $2.37 and move towards the next resistance at $2.45 in the near term. However, traders should keep in mind that FTM could be sensitive to any material weakness in crypto markets, so they should closely monitor the dynamics of leading coins like Bitcoin or Ethereum.