Fantom (FTM) has reported explosive growth in the past week – Here is why you should buy

Fantom (FTM) is currently on an explosive growth uptrend. The token has in fact gained 72% over the last 7 days, surging well beyond analysts' estimates of around $2. At the time of writing, FTM was trading at $2.33, and there is still a lot more to come. Besides, other underlying fundamentals are looking quite positive. Here are some highlights:

• Fantom (FTM) is the second-best 7-day performer among the top 40 cryptocurrencies by market cap, coming only second to the NEAR protocol which is up almost 80%.

• Fantom (FTM) has also seen a surge in Total Value Locked (TVL) this week, ranking only second to Terra (LUNA)

• The current bullish uptrend has not yet peaked and could still go further before the end of 2021

Data Source: Tradingview.com 

Fantom (FTM) – Price action and analysis

At press time, FTM was trading at $2.33, up about 1.3% in intraday trading. The coin is also up nearly 73% over the last 7 days. FTM has outperformed the entire market by a mile and is also beating its competitors like Solana (SOL) and Avalanche (AVAX) which have also posted decent double-digit gains the past week. 

Also, FTM has swept past all the crucial 50, 100, and 200 DMAs. In fact, we were expecting some resistance around the 200-day moving average, which is around $2.04, but so far, the price action suggests that FTM is likely going to sustain its recent gains above that threshold.

Should you buy Fantom (FTM)

When you look at total value locked (TVL) in FTM, especially over the last week, it is clear that Fantom (FTM) is on the rise. Yes, it would still need to double its TVL to catch up with Solana (SOL) or Terra (LUNA), but still, the future potential is excellent. FTM is an ideal asset for the long-term investor. I’d, however, wait a few days for the current bullish trend to lose a bit of momentum and see if there are any dips.