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Fantom (FTM) has experienced a notable 17% increase over the past week, maintaining a steady trend with strong support in the $0.47-$0.48 range, according to data from IntoTheBlock. This suggests that the price rise may be tied to heightened demand and growing interest in the network.
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Around 1,560 addresses purchased 242.56 million FTM tokens within this price range, establishing a solid foundation for the recent surge. Crypto trader Mister Crypto highlighted the network’s ongoing development, stating, “It’s one of my major holdings, and I believe it will eventually see a massive leg up.”
Trading volumes have shown increasing interest; CoinMarketCap reports that they surged over 150% last week. Additionally, the Total Value Locked (TVL) in the DeFi ecosystem has risen by $2 billion, fueling further expansion. But can FTM overcome the crucial resistance? Let’s delve deeper into the numbers.
DApp Volumes Triple Overnight
The Fantom ecosystem is performing exceptionally well, particularly in the dApp space. A report by DappRadar reveals that volumes soared from $3.4 million to $9 million within just 24 hours, underscoring the network’s relevance in decentralized applications. DeFi activity on Fantom has also surged, with DeFiLlama data indicating that the network’s TVL stands at $77 billion.
This boom is attracting not only traders but also developers, positioning Fantom as a formidable player in the DeFi space. While these developments are promising, the real test lies in whether FTM can break through its long-standing resistance level.
FTM Hits Major Resistance
FTM has been retesting a resistance point of $0.52 for weeks. Multiple attempts to break through have failed, often resulting in bearish reversals. However, there are signs that FTM might finally overcome this trend.
Currently, FTM’s market cap is at $1.59 billion. The Chaikin Money Flow (CMF) has flipped positive, signaling strong buying pressure. On-Balance Volume (OBV) is also rising, accompanied by an increase in trading volume. Trend confirmation will occur if OBV breaks above its “smoothing line.” Breaching the $0.52 mark could pave the way for a further rally to the 1.618 Fibonacci level at $0.63.
What’s In Store For Fantom?
Mister Crypto expressed optimism about Fantom’s future, noting ongoing silent development work in the background. He believes that although FTM may take some time to skyrocket, the network is poised for significant long-term growth. One of the most exciting new developments is the Sonic upgrade, expected to roll out by the end of 2024.
The Sonic upgrade will introduce a new Fantom Virtual Machine, an optimized Lachesis consensus mechanism, and advanced database storage. These enhancements aim to improve network speed and scalability, making the network more attractive to developers and investors alike.
Looking ahead, Fantom’s strong on-chain support combined with upcoming technical upgrades keeps it well-positioned for excellent growth. However, pushing past the $0.52 resistance level remains an immediate necessity. In the long term, the outlook appears promising with the Sonic upgrade and the expansion of DeFi.
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