Should I buy Fantom (FTM) after the current jump?

Fantom FTM/USD is one of the best performers on the cryptocurrency market this trading week, and the price of this cryptocurrency advanced more than 10% in the last twenty-four hours.

Fantom entered in collaboration with Poloniex

Fantom is an open-source smart contract platform for digital assets and dApps that can process thousands of transactions per second.

Security, scalability, and extremely low fees are also characteristic of this platform, while its modular architecture allows full customization of blockchains for digital assets.

Fantom solves the problems with the limitations of previous generation blockchain platforms, and it is also important to mention that it is compatible with Ethereum, so you can run your Ethereum dApps on Fantom.

Smart contracts are written in Solidity, and they can function on Fantom as they do on Ethereum, but smart contracts have a Fantom address.

Fantom tokens have the symbol FTM, and to interact with this open-source smart contract platform, users should use FTM tokens. Users can earn rewards by staking their FTM to help secure the network, and they can do it directly from their mobile phone or PC.

Staking is vital for the security of the network, and on Fantom, there’s no minimum to stake. Staked tokens act as an economic incentive for stakers to play by the rules of the protocol, and to use tokens again, users have to unstake them first, which usually takes seven days.

Fantom has united forces of an incredibly vibrant community, many important projects already collaborated with Fantom, and the most popular ones include ShibaSwap, Curve, SpookySwap, and Beefy Finance.

According to the latest news, the Fantom Foundation entered in collaboration with cryptocurrency exchange Poloniex that will support the development of the Fantom ecosystem. Shaun Scovil, General Manager of Poloniex, added:

We are very honored to team up with Fantom and wish to help more developers realize their potential. We hope to grow together with promising projects, as well as spur innovations and applications of blockchain technology.

$1.5 represents resistance

FTM is trading down more than 60% from its recent highs registered in January 2022, and the risk of further decline still persists.

Data source: tradingview.com

FTM remains in a bear market; still, if the price jumps above $1.5, it would be a “buy” signal, and the next target could be at $2.

Summary

Fantom is an open-source smart contract platform, and according to the latest news, the Fantom Foundation entered in collaboration with cryptocurrency exchange Poloniex. Fantom (FTM) is one of the best performers on the cryptocurrency market this trading week, and if the price jumps above $1.5, the next target could be at $2.

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