Fantom (FTM) has been hovering 17% over the previous week, on a fairly respectable development, with robust assist recorded within the space of $0.47-$0.48, information from IntoTheBlock signifies. This means that the value bounce could also be linked to elevated demand and rising community curiosity.
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Roughly 1,560 addresses purchased 242.56 million FTM tokens on this vary, thereby offering a agency base for the latest run. Crypto dealer Mister Crypto talked about the community’s ongoing growth, saying, “It’s one in every of my main holdings, and I imagine it’s going to finally see a large leg up.”
The buying and selling volumes present rising curiosity; CoinMarketCap notes that they jumped over 150% final week. Rising Complete Worth Locked by $2 billion is driving growth of the DeFi ecosystem. Will FTM, nonetheless, be capable of overcome essential resistance? Let’s dig deeper into numbers.
Fantom IOMAP chart. Supply: IntoTheBlock
DApp Volumes Triple In a single day
The Fantom ecosystem can be performing effectively and extra so within the dApp area. Based on the report by DappRadar, volumes rose from $3.4 million to $9 million inside simply 24 hours, displaying how related the community was in decentralized functions. DeFi exercise on Fantom has additionally elevated a lot as information from DeFiLlama point out that TVL of the community stands at $77 billion.
This growth attracts not solely merchants but in addition builders and makes Fantom a powerful participant within the DeFi space. Whereas these developments are promising, the precise take a look at can be if FTM can break by means of its long-standing resistance stage.
FTM Hits Main Resistance
FTM had been retesting a resistance level of $0.52 for weeks, and, with a number of pushes to interrupt by means of, it has failed on many events, inflicting every failure to lead to a bearish reversal, though there are indicators that FTM may lastly break this development.
FTM’s CMF has additionally flipped constructive, indicating robust shopping for stress. OBV is rising accompanied by a rise in buying and selling quantity. Affirmation of the development will likely be coming if OBV breaks above its “smoothing line.” Breaching $0.52 will open the best way for additional rally to the 1.618 stage at $0.63.
13. Fantom $FTM
This isn’t a shiny new coin, however an OG coin with lots of growth behind the scenes.
It’s one in every of my main holdings, and I imagine it’s going to finally see a large leg up.
It’d take a while, however I feel it’s going to occur finally. pic.twitter.com/hFiGts2X2N
— Mister Crypto (@misterrcrypto) September 10, 2024
What’s In Retailer For Fantom?
Mister Crypto shares some optimism concerning the future for Fantom, saying that every one the silent growth work is happening within the background. He believes that although FTM might take a while to take off, the community is in for big long-term progress. Essentially the most thrilling new growth lies within the Sonic improve, which ought to roll out across the finish of 2024.
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It means Sonic will deliver a brand new Fantom Digital Machine, an optimized Lachesis consensus mechanism, and superior database storage. These upgrades will assist enhance the community velocity and scalability. All these upgrades could make the community extra interesting to builders and buyers alike.
Wanting forward, Fantom’s robust on-chain assist mixed with some technical upgrades on the horizon retains it primed and able to show glorious progress going ahead. Regardless of this, a push above the $0.52 resistance stage stays a right away necessity, the outlook long-term does certainly look hopeful with the Sonic improve and progress of DeFi.
Featured picture from Shrimpy Academy, chart from TradingView