Fantom has turned out to be a very interesting project, advancing in the DeFi industry and becoming a favourite for mano the projects. In recent months there have been many positive events for Fantom, which are helping push the price higher. The main one is probably the Fantom developer conference in Abu Dhabi this week. Fantom is a platform that allows the building of decentralized applications DAPPs, as well as allowing permits users create their own NFT tokens.
The other major DeFi project, yearn.finance, has announced that it will expand its multi-chain, incorporating the Fantom blockchain DeFi ecosystem. Nansen, which is a well-known data analytics provider, has also announced its support for Fantom. OpenOcean which is one of the leading DeFi (decentralized finance) and CeFi (centralized finance) aggregation protocols, has announced that it will partner with Fantom. This will offer users more trading opportunities and better prices.
All these events have been attracting interest and buyers for Fantom, which has pushed the price higher. FTM/USD broke above May’s highs in September and it has been making progress in steps since then, with previous highs turning into support. Now the last high at $2.50 should turn into support during the pullback and the 20 SMA (gray) will probably help as well. We will cover this conference in our crypto calendar section to see what are the newest things to come out of it for Fantom. We’re still holding to our buy FTM/BTC signal, since the pressure there is bullish as well.
Ripple Weekly Chart Analysis – The 20 SMA Turns Into Support?
Ripple coin XRP has been a hostage in the legal battle with the SEC (Securities and Exchange Commission). It didn’t make new highs in May as did most other cryptos and it surely didn’t make new highs in August/September. In fact, the price has been almost dead in recent weeks.
But, the 20 SMA (gray) might have turned into support for Ripple coin, since it has been holding for about a week on the weekly chart. Ripple chief executive Brad Garlinghouse commented that SEC has helped Ethereum to overtake XRP as the number cryptocurrency. Besides that, Ripple is expanding the cross-country payments using XRP with Tranglo in Asia, Al Ansari exchange in Middle East. Although, this is all there is for Ripple, so nothing is expected in the near future.