Fantom’s price has experienced a notable 23.13% increase in the past 24 hours, reaching $1.07 as of the latest update. This remarkable surge, driven by growing network utilization and favorable onchain data, prompts the question of whether Fantom is poised to spearhead a broader upturn in the cryptocurrency market in the upcoming weeks.
Analysis of Fantom’s Chart: Price Trends, Significant Levels, and Targets
Looking at Fantom’s chart, it illustrates a sturdy bullish pattern, exemplified by the breakthrough of the crucial $1.00 threshold, which now functions as robust support. The subsequent hurdle is positioned at $1.14, a pivotal juncture both psychologically and technically.
Further progression may lead FTM towards testing the $1.50 resistance level, a breach beyond which could solidify a sustained uptrend. However, traders need to be mindful of a potential pullback, with the $0.84 support coinciding with an enduring upward trendline.
Thus, it is imperative for Fantom to uphold its current positive momentum to reach these ambitious objectives.
Metrics indicating network expansion signal substantial interest from users. The surge in new addresses by 73.68% over the past week, coupled with a 55.47% increase in zero-balance accounts, underscores a robust adoption rate as more participants engage with the platform.
Furthermore, the escalating activity mirrors a growing trust in FTM, which directly bolsters the ongoing price surge. With favorable adoption patterns in place, sustained growth in the token’s valuation could be anticipated.
Evaluation of On-chain Signals: Positive or Cautious?
Onchain signals for FTM predominantly present a positive outlook. The net network growth stands at +0.54%, affirming a steady expansion trajectory. However, the “In the Money” metric witnessed a slight decline of -1.23%, indicating a minor profit-taking behavior among investors.
Conversely, the uptick in significant transactions by 0.50% denotes that institutional and high-value transactions are continuing to reinforce the bullish trend. Thus, despite short-term apprehensions, the overall sentiment remains optimistic.
FTM Technical Indicators: Volatility and Momentum
Technical indicators for Fantom suggest a mounting volatility and momentum. The Stochastic RSI registers at 3.71 and 3.29, signaling oversold conditions with a likelihood of further upward momentum.
Furthermore, FTM’s price hovers near the upper boundary of the Bollinger Band at $1.22, reflecting bullish strength, while the lower threshold at $0.98 offers a supportive base. Breaking through the $1.14 resistance point is crucial for unlocking higher objectives like $1.50.
The long/short ratio for FTM depicts a cautious yet optimistic stance. While 52.82% of traders are inclined towards short positions, 47.18% favor long positions, indicating a balanced outlook between bullish and bearish prospects.
This ratio mirrors a mixed sentiment as traders weigh the potential for continued gains against the risks of short-term market corrections.
Fantom seems primed to lead the impending market surge. Backed by its strong price performance, expanding network adoption, and positive signals, Fantom appears well-equipped for further advancement, provided it conquers key resistance levels.