Fantom is falling harder than Bitcoin and Ethereum today, but it's still a better performing asset than both of them.The Fantom ($FTM) coin powering the network of the same name has crashed 5% in the last 24 hours, as the crypto market posted a heavy overnight contraction of 3.8% to hit $2.38 trillion.
Although Fantom is not blockchain-based, the token appears to be sharing the fate of most crypto projects today.Market leader Bitcoin ($BTC) falling 2% down to $66,052, while its closest contender, Ethereum ($ETH) posted severer losses of 3.4% to trade at $2,532.
The Fantom Coin: Primer and Price Analysis
Fantom’s OPERA mainnet went live in 2019. Like a blockchain, the network functions as a high-functionality smart contract platform where developers can create decentralized applications (dApps).
However, unlike blockchains, which process transactions in groups called “blocks” along a chain, Fantom employs something called a Directed Acrylic Graph (DAG) which stacks transactions on top of each other as vertices, more akin to a graph.Over the last three month’s, Fantom has encountered new resistance levels, as shown by the diagonal red line below. The token is currently trading at a five-month high and has almost doubled in price since September, although it’s still 80% down from its all-time high of $3.46, posted on October 28, days before the FTX meltdown.
Fantom’s relative strength index is currently 30 and falling, which means the coin is now oversold and it may be posting green candles again by tomorrow.Fantom is currently up 200% from its price on October 23, 2023.This makes it a better-performing asset over the years than both Bitcoin and Ethereum. The former rose 112% while the latter rose 50% in the last 365 days.
