FTM, Fantom’s native token, is one of the most popular Ethereum killers, with an all-time high of $3.46 in October of last year. The price is presently trading at $3.02, down 11% from its all-time high.
The price of Fantom is now showing a massive bullish trend on the daily chart at the time of writing. In order for the bulls to gain control, they must first break through the first resistance level at $3.5.
After that, the next degree of resistance is $3.7, followed by $3.9. If the bulls fail to seize control, the support levels on the downside are $2.2, $2, and $1.8, respectively.
A well-known cryptocurrency analyst is optimistic about the Fantom (FTM) blockchain and one major decentralised finance platform.
Starting with FTM, the pseudonymous cryptocurrency analyst Smart Contracter informed that crypto assets in the Fantom ecosystem are rallying.
“It’s Fantom season as far as I’m concerned, literally every coin on Fantom is turbo sending right now.”
Aave, a DeFi platform, comes next (AAVE). AAVE has bottomed, according to Smart Contracter, and 2022 will be a stronger year for DeFi-related crypto assets than 2021.
“Strongly believe a major low is in for AAVE. 2021 was tough for DeFi as a whole but I think 2022 is going to be round two.”
AAVE has completed the dominant five-wave pattern heading upwards and the three-wave corrective pattern travelling downwards, according to the analyst’s understanding of Elliott Wave Theory. Smart Contracter predicts that when paired against Tether (USDT), AAVE will continue to follow the dominant trend.
According to the crypto trader, AAVE might also outperform Bitcoin (BTC).
At the time of writing AAVE is trading at $212 and is down by more than three percent in the last 24 hours.