Fantom (FTM) was rising 17% last week, in a pretty decent trend, with strong support registered in the $0.47 to $0.48 area, data from IntoTheBlock indicates. This suggests that the price surge could be linked to increased demand and growing interest in the network.
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Approximately 1,560 addresses purchased 242.56 million FTM tokens in this range, thus providing a solid base for the recent bull run. Crypto trader Mister Crypto mentioned the ongoing development of the network, saying, “It is one of my main holdings and I believe it will eventually make a big breakthrough.”
Trading volumes are showing increasing interest; CoinMarketCap notes that they jumped over 150% last week. The increase in total value locked by $2 billion is driving the expansion of the DeFi ecosystem. But can FTM overcome crucial resistances? Let’s dive deeper into the numbers.
Fantom IOMAP chart. Source: IntoTheBlock
DApp volumes triple overnight
The Fantom ecosystem is also performing well, and even more so in the dApp space. According to DappRadar’s report, volumes increased from $3.4 million to $9 million in just 24 hours, showing how relevant the network was in decentralized applications. DeFi activity on Fantom has also increased significantly, as data from DeFiLlama indicates that 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 space. While these developments are promising, the real test would be if FTM manages to break out of its long-standing resistance level.
FTM achieves great resistance
FTM has been retesting a resistance point at $0.52 for weeks now and, with several 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 finally break out of this trend.
FTM’s CMF also turned positive, indicating strong buying pressure. OBV is rising accompanied by an increase in trading volume. Confirmation of the trend will come if OBV breaks above its “smoothing line”. Breaking $0.52 will pave the way for a fresh rally to the 1.618 level at $0.63.
13. Ghost $FTM
This is not a brand new coin, but an OG coin with a lot of development behind the scenes.
It is one of my main holdings and I believe it will eventually make a big breakthrough.
It may 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 of Fantom, saying that all the quiet development work is happening in the background. He believes that while FTM may take some time to take off, the network will see huge growth in the long run. The most exciting new development is in the Sonic update, which is expected to launch around the end of 2024.
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This means that Sonic will bring a new Fantom virtual machine, an optimized Lachesis consensus engine, and advanced database storage. These upgrades will help improve the speed and scalability of the network. All of these upgrades can make the network more attractive to both developers and investors.
Looking ahead, Fantom’s strong on-chain support combined with some technical upgrades on the horizon keep it primed and ready to deliver excellent growth in the future. Despite this, a push above the $0.52 resistance level remains an immediate necessity, the long-term outlook does indeed look hopeful with the Sonic upgrade and DeFi growth.
Featured image from Shrimpy Academy, chart from TradingView