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Fantom (FTM) has been rising 17% over the past week it has been trending quite decently, with strong support in the $0.47-$0.48 area, data from IntoTheBlock shows. This suggests that the price increase may be related to increased demand and growing interest in networking.
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Approximately 1,560 addresses purchased 242.56 million FTM tokens in this series, providing a solid foundation for the recent run. Crypto trader Mr. Crypto mentioned the continued development of the network, saying, “It is one of my most important assets, and I believe it will ultimately have a huge edge.”
Trading volumes show growing interest; CoinMarketCap notes that they are up over 150% last week. The rising total value, pegged at $2 billion, is fueling the expansion of the DeFi ecosystem. However, will FTM be able to overcome crucial resistance? Let’s dive deeper into the numbers.
Fantom IOMAP diagram. Source: IntoTheBlock
DApp volumes triple overnight
The Fantom ecosystem is also performing well, and especially in the dApp space. According to DappRadar’s report, volumes increased from $3.4 million to $9 million in just 24 hours, demonstrating how relevant the network was in decentralized applications. DeFi activity on Fantom has also surged, as data from DeFiLlama indicates the network’s TVL is $77 billion.
This boom attracts not only traders but also developers and makes Fantom a strong player in the DeFi field. While these developments are promising, the real test would be whether FTM can break through the long-standing resistance level.
FTM encounters great resistance
FTM had been retesting a resistance point at $0.52 for weeks, and with multiple attempts to break through, it has failed on many occasions, with each failure resulting in a bearish reversal, although there are signs that FTM may break this trend could finally break through.
FTM’s CMF has also turned positive, indicating strong buying pressure. OBV increases, accompanied by an increase in trading volume. Confirmation of the trend will come if OBV moves above its ‘flattening line’. Breaking the $0.52 will pave the way for a further rally towards the 1.618 level at $0.63.
13. Phantom $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 biggest interests, and I think it will eventually see a huge increase.
It might take a while, but I think it will happen eventually. pic.twitter.com/hFiGts2X2N
— Mister Crypto (@misterrcrypto) September 10, 2024
What awaits Fantom?
Mr. Crypto shares some optimism about Fantom’s future, saying all the quiet development work is happening in the background. He believes that while the network will take some time to get off the ground, it will experience tremendous growth in the longer term. The most exciting new development lies in the Sonic upgrade, which should be rolled out around the end of 2024.
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It means that Sonic will introduce a new Fantom Virtual Machine, an optimized Lachesis consensus mechanism and advanced database storage. These upgrades will help improve network speed and scalability. All these upgrades could make the network more attractive to developers and investors alike.
Looking ahead, Fantom’s strong supply chain support, combined with some technical upgrades on the horizon, means the company is poised to demonstrate excellent growth in the future. Nevertheless, a push above the $0.52 resistance level remains an immediate necessity; the long-term prospects look hopeful indeed with the Sonic upgrade and DeFi growth.
Featured image of Shrimpy Academy, chart from TradingView
Credit : www.newsbtc.com
