FTM Rockets 17% Amid Growing Interest In Fantom Ecosystem
17 September 2024 - 4:00PM
NEWSBTC
Fantom (FTM) has been soaring 17% over the past week, on a quite
decent trend, with strong support recorded in the area of
$0.47-$0.48, data from IntoTheBlock indicates. This suggests that
the price jump may be connected to increased demand and growing
network interest. Related Reading: Bitcoin On Track For $92,000
‘Bounce’ In 3 Months, Analyst Predicts Approximately 1,560
addresses bought 242.56 million FTM tokens in this range, thereby
providing a firm base for the recent run. Crypto trader Mister
Crypto mentioned the network’s ongoing development, saying, “It’s
one of my major holdings, and I believe it will eventually see a
massive leg up.” The trading volumes show growing interest;
CoinMarketCap notes that they jumped over 150% last week. Rising
Total Value Locked by $2 billion is driving expansion of the DeFi
ecosystem. Will FTM, however, be able to overcome crucial
resistance? Let’s dig deeper into numbers. Fantom IOMAP chart.
Source: IntoTheBlock DApp Volumes Triple Overnight The Fantom
ecosystem is also performing well and more so in the dApp space.
According to the report by DappRadar, volumes rose from $3.4
million to $9 million within just 24 hours, showing how relevant
the network was in decentralized applications. DeFi activity on
Fantom has also increased much as data from DeFiLlama indicate that
TVL of the network stands at $77 billion. This boom attracts not
only traders but also developers and makes Fantom a strong player
in the DeFi area. While these developments are promising, the
actual test would be if FTM can break through its long-standing
resistance level. FTM Hits Major Resistance FTM had been retesting
a resistance point of $0.52 for weeks, and, with multiple pushes to
break through, it has failed on many occasions, causing each
failure to result in a bearish reversal, although there are signs
that FTM might finally break this trend. FTM’s CMF has also flipped
positive, indicating strong buying pressure. OBV is rising
accompanied by an increase in trading volume. Confirmation of the
trend will be coming if OBV breaks above its “smoothing line.”
Breaching $0.52 will open the way for further rally to 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. pic.twitter.com/hFiGts2X2N — Mister Crypto
(@misterrcrypto) September 10, 2024 What’s In Store For Fantom?
Mister Crypto shares some optimism about the future for Fantom,
saying that all the silent development work is going on in the
background. He believes that though FTM may take some time to take
off, the network is in for huge long-term growth. The most exciting
new development lies in the Sonic upgrade, which should roll out
around the end of 2024. Related Reading: Avalanche Revenue
Nosedives Over 40% In Q2 – Impact On AVAX Price It means Sonic will
bring a new Fantom Virtual Machine, an optimized Lachesis consensus
mechanism, and advanced database storage. These upgrades will help
improve the network speed and scalability. All these upgrades can
make the network more appealing to developers and investors alike.
Looking ahead, Fantom’s strong on-chain support combined with some
technical upgrades on the horizon keeps it primed and ready to
display excellent growth going forward. Despite this, a push above
the $0.52 resistance level remains an immediate necessity, the
outlook long-term does indeed look hopeful with the Sonic upgrade
and growth of DeFi. Featured image from Shrimpy Academy, chart from
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