As a seasoned researcher who has witnessed the cryptocurrency market evolve over the past decade, I find myself intrigued by Fantom (FTM)’s recent surge and its potential for future growth. The impressive 17% increase over the last week, coupled with strong support at $0.47-$0.48, suggests a growing interest in the network that could indicate increased demand.
Over the last seven days, Fantom (FTM) has climbed an impressive 17%. This upward trend appears robust, with significant backing seen in the price range of $0.47-$0.48, as per IntoTheBlock’s data. This surge might be indicative of heightened demand and escalating network curiosity.
Around 1,560 different addresses purchased approximately 242.56 million FTM tokens within this range, thus establishing a strong foundation for the recent surge in value. Crypto trader Mister Crypto spoke about the ongoing advancements in the network, stating, “It’s one of my significant investments, and I anticipate it will eventually experience a substantial increase.
The trading activity indicates increasing curiosity; CoinMarketCap points out it surged more than 150% in the past week. The total value locked has increased by $2 billion, contributing to the growth of the DeFi sector. But will FTM be able to break through significant obstacles? Let’s delve further into the details.
DApp Volumes Triple Overnight
As a crypto investor, I’ve noticed a significant boost in the performance of the Fantom ecosystem, particularly within the dApp space. A recent report by DappRadar reveals an impressive surge in volumes from $3.4 million to $9 million in just 24 hours, underscoring the network’s relevance for decentralized applications. Moreover, the DeFi activity on Fantom has seen a substantial increase, as suggested by data from DeFiLlama, with the TVL (Total Value Locked) of the network standing at a staggering $77 billion.
The surge in popularity is drawing in both investors and creators, cementing Fantom as a significant force within Decentralized Finance (DeFi). Though these advancements look hopeful, the true measure will come when FTM successfully breaches its persistent resistance barrier.
FTM Hits Major Resistance
For several weeks, the price of FTM has been trying to overcome a resistant level at $0.52, making numerous attempts but ultimately failing multiple times. Each unsuccessful attempt results in a bearish turn of events. However, there are indications that FTM may soon break this pattern.
The Force-Time-Momentum’s (FTM) Crowd Momentum Factor has turned bullish, showing a surge in buying activity. On Balance Volume (OBV) is climbing along with an uptick in trading volume. If OBV surpasses its moving average (the “smoothing line”), it will validate the trend. Once $0.52 is surpassed, there’s potential for further growth towards the 1.618 level at $0.63.
13. Fantom $FTM
This is not a shiny new coin, but an OG coin with a lot of development behind the scenes.
It’s one of my major holdings, and I believe it will eventually see a massive leg up.
It might take some time, but I think it will happen eventually.
— Mister Crypto (@misterrcrypto) September 10, 2024
What’s In Store For Fantom?
Mr. Crypto expresses a positive outlook regarding Fantom, highlighting that much progress is being made behind the scenes. He predicts that while FTM might require some time to gain momentum initially, it’s poised for significant long-term expansion. The Sonic upgrade, anticipated by late 2024, is what has him particularly thrilled about Fantom’s future development.
In simpler terms, Sonic is planning to introduce a novel Fantom Virtual Machine, an enhanced Lachesis consensus system, and sophisticated database storage solutions. These updates are aimed at boosting the network’s speed and scalability, making it more attractive for both developers and potential investors.
Moving forward, Fantom’s solid on-chain backing along with upcoming technical enhancements positions it well for impressive growth. However, breaking through the $0.52 resistance is crucial for immediate progress, as the long-term perspective remains optimistic due to the Sonic upgrade and expanding DeFi sector.
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2024-09-17 17:10