Fantom Market Information and 4H breakout analysis
Hi traders, we’re taking a look Fantom, as price has traded as much as 23% higher in today’s session
Fantom is a new DAG (Directed Acyclic Graph) based Smart Contract platform that looks to solve the scalability issues of existing public distributed ledger technologies.
The platform intends to distinguish itself from the traditional block ledger-based storage infrastructure by attempting to employ an improved version of existing DAG-based protocols. The FANTOM platform adopts a new protocol known as the “Lachesis Protocol” to maintain consensus. This protocol is intended to be integrated into the Fantom OPERA Chain. The goal is to allow applications built on top of the FANTOM OPERA Chain to facilitate instant transactions with near-zero transaction costs to users.
The mission of FANTOM is to provide compatibility between all transaction bodies around the world and create an ecosystem that allows real-time transactions and data sharing at a low to near-zero cost.
2021 has continued to be a fantastic year for FTM and just last week price was trading at new all-time highs. Since the 9th we have seen a drawn-out pull back on the 4H chart as sellers moved back below the last two leg-up points. Demand reappeared once 1.155 was reached and since the 1.32 low buyer interest picked right back up as 1.180 came back in as support.
Buyers have continued their charge forming a breakout. We’re now starting to ask is this a new leg higher? Momentum looks good today but we would like to see how buyers react after the first pullback to prove how much demand is in this market. A new higher low followed by a new higher high would be a positive indication of demand. If a pullback takes price back to or below support we would be cautious of buyer demand and look for further signs that they have control.