This Week’s Cryptocurrency Trade is Fantom (FTM). Fantom occupies the resounding number 26 position on Coinmarketcap and has a market cap of $7.2 billion. The project was launched in 2018, followed by the launch of OPERA, Fantom’s mainnet, in December 2019.
Fantom is a so-called directed acyclic graph (DAG) smart contract platform that provides decentralized financial (DeFi) services to developers using its own custom consensus algorithm.
For our Crypto X10 Challenge, we have held this coin in our portfolio since early December 2021 and are at an 89% unrealized gain as a result. Fantom is one of the strongest performing coins and is trading around last year’s high. The same cannot be said for many other altcoins. Over the past few days, FTM dropped which represents a nice entry point. I expect this coin to attack again soon towards my first target of $3.50 and the second target of $4.00. For this to happen, the support level around $2.20 will have to hold.