Fantom reached new resistance after a recent 50% upswing as the token encountered a challenging hurdle on this uptrend so let’s read more today in our latest cryptocurrency news.

Fantom reached a new resistance level as it increased by more than 50% over the past two weeks and now the Layer 1 token reached the critical area of resistance as is sliced through $.63. Fantom managed to recover a little from the recent downtrend but there’s still one hurdle that has to be overcome to be able to reach a higher level. Fantom is soaring in its attempts to catch up with the rest of the market.

The platform suffered a steep correction which started in late January to reach a yearly low of $1.04 while the Layer 1 token seems to have formed a local bottom because the price increased by more than 50% since then. A few obstacles appeared on the way but FTM could have the strength to shoot higher. From a technical perspective, it seems that Fantom met some bigger resistance after the recent upswing and the 50-day moving average to $1.54 seems to be keeping the coin at bay and preventing it from making higher highs.

The daily candlestick close above this level and the 61.8% FIB retracement level near $1.63 can encourage investors to join the marekt once again. After breaching this resistance zone, a spike in buying pressure can propel Fantom to the next supply area between the 50% and the 38.2% fib retracement level with the keys resistance points sitting at $1.87 as well as $2.15. things seem to be looking great for Fantom and it awaited a sustained close above the $1.54 level as an imperative. Failing to overcome this hurdle can result in a surge in profit-taking which can push the coin’s price down. Under these circumstances, the layer 1 token will dive to a new low at $1.04 and try to form a double bottom pattern.

As recently reported, Fantom-based Fantasm Finance was exploited for over $2.6 million worth of crypto with the stolen tokens being swapped for Ether using Tornado Cash. Some of the funds were recovered from the protocol during the early hours of Thursday but either way, Fantom-based Fantasm Finance got exploited. Hackers were able to mint XFTM which is a representation of Fantom’s FTM on Fantasm by using a small amount of the FSM tokens.