The broader cryptocurrency market has been underperforming in recent hours. However, Fantom has been recovering and has added more than 4% to its value.
The cryptocurrency market has lost more than $200 billion in the last 24 hours. Prices for most cryptocurrencies have dropped more than 5% in the past few hours, with Bitcoin falling below the $44,000 level.
Ether is also struggling and has finally dropped below the $3,500 resistance level. However, FTM, the native token of the Fantom blockchain, is catching up. The FTM has risen more than 4% in the last 24 hours, despite the poor performance of the market in general.
The rally may be due to the Fantom Foundation announcing that the Movr Network has joined its network. FundMovr is an innovative solution that aggregates all bridges, decentralized exchanges (DEXs) and DEX aggregators in one easy-to-use application.
We are excited to announce that @movrnetwork has integrated Fantom into FundMovr.
FundMovr is an innovative solution that aggregates all bridges, DEXs, and DEX aggregators in one easy-to-use app. https://t.co/B24noDMVz7
— Fantom Foundation (@FantomFDN) January 6, 2022
Following the latest development, FTM has added more than 4% to its value in the last 24 hours. So far, the FTM is trading at $2.9 per currency, outperforming several cryptocurrencies in the process.
Top Levels to Watch
The 4-hour FTM/USD chart is one of the most optimistic in the cryptocurrency market at the moment. Technical indicators show that the FTM is performing excellently and could rise further in the next few hours.
The MACD line is above the neutral zone, while the 14-day RSI of 56 shows that FTM may soon enter the overbought region. If the positive market performance is maintained, the FTM could rally pass the $3 zone and reach the first major resistance level at $3.2
In the case of an extended market performance, the FTM could rally pass the second highest resistance level above the $3.7 mark. However, if the bears regain control, the FTM could return to the $2.5 support level in the next few hours.
The post Here's why Fantom has been rallying in the last 24 hours appeared first on Bitcoin Guide .