FTM, the native token of the Fantom blockchain, has been up for the past 24 hours and could hit the $3 mark soon.

The cryptocurrency market is slowly recovering after the slump it has suffered since the market began. The total market cap is now above $2 trillion again as Bitcoin crossed the $43K mark earlier today.

Ether is also performing well and could reach the $3,500 level in the next few hours. FTM, the native token of the Fantom blockchain, is also performing excellently, adding over 3% to its value in the last 24 hours.

The rally comes after the Fantom Foundation announced a few hours ago that its blockchain now has more than $10 billion in total locked value (TVL). This means that the decentralized finance (DeFi) protocols on the Fantom blockchain have over $10 billion currently locked up.

This latest development means that Fantom is the fifth largest DeFi blockchain in the world, behind Ethereum, Terra, Binance Smart Chain and Avalanche. Fantom has surpassed Solana in terms of TVL after his recent rally.

Key levels to watch

The 4-hour chart FTM/USD is bullish at the moment, thanks to the cryptocurrency's latest performance. Technical indicators show that the FTM is performing well and could see more growth in the coming hours.

The MTF MACD line is above the neutral zone, indicating strong bullish performance in recent days. The 55 RSI shows that it could enter the overbought region if the market condition holds.

The FTM is also trading above its 50-day moving average, thanks to its current rally. If the bulls remain in control, the MTF could cross the first major resistance level at $3 in the next few hours. In the event of a prolonged rally, the FTM could overcome the second major resistance level at $4.2 in the coming days.

The post Will the FTM hit the $3 mark after its recent rally? appeared first on Bitcoin Guide .