The cryptocurrency market has performed well over the weekend, with the total market cap now above $1.3 trillion again.
The cryptocurrency market is having a positive start to the new week. The broader market has added more than 1.3% to its value in the last 24 hours and the total market cap now stands above $1.3 trillion.
Bitcoin is once again trading above $30k per coin after adding 1% to its value so far today. Ether is also trading above the $2k threshold after adding 2% to its value in the last 24 hours.
However, FTM, the native token of the Fantom ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap today. FTM is up by more than 14% in the last 24 hours.
The rally can be attributed to the adoption news the Fantom team recorded over the weekend.
Over the weekend, the Fantom team announced that blockchain data indexing protocol Unmarshal has integrated Fantom. The adoption also meant that Fantom is now integrated into the Unmarshal aggregated blockchain explorer Xscan, with portfolio tracking functionality coming soon, the Fantom team added.
Key levels to watch
The FTM/USD 4-hour chart is currently bullish as Fantom has been performing well in recent days. FTM is up by more than 38% in the last seven days, making it one of the top performers amongst the leading 50 cryptocurrencies by market cap.
The MACD line crossed into the positive territory, indicating bullish momentum. The 14-day relative strength index of 71 shows that FTM could soon enter the overbought region.
At press time, FTM is trading at $0.4887 per coin. If the rally continues, FTM could surge past the first major resistance level at $0.5987 before the end of the day. However, the resistance level at $0.7763 should cap further upward movement in the short term.
If the bears regain control of the market, FTM could slip below the $0.400 support level before the end of the day. However, it should comfortably defend the $0.3662 support level in the short term.
The post Here is why Fantom is up by more than 14% today appeared first on Coin Journal.
