Fantom breaks $1: Will FTM continue its bullish trend towards $1.50?

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  • Fantom’s price surge is supported by strong network growth and key resistance targets near $1.50.
  • Technical indicators and market sentiment highlight cautious optimism for sustained upward momentum.

As a seasoned crypto investor with battle scars from numerous bull and bear markets, I find myself intrigued by Fantom’s recent surge and the potential it holds for further growth. The network’s robust infrastructure, combined with its impressive user adoption metrics, sets it apart from many other projects in this crowded market.

In just the past day, the cryptocurrency Fantom [FTM] has made quite an impression by rising significantly by 23.13%, currently valued at approximately $1.07 per token as of this writing.

Given its significant expansion driven by increasing network acceptance and favorable on-chain statistics, one might wonder if Fantom could spearhead a wider cryptocurrency market surge in the approaching weeks.

Fantom chart analysis: price movement, key levels, and targets

According to Fantom’s graph, there’s a solid upward trend, as the price has surpassed the crucial $1.00 mark, which now serves as a firm foundation. The upcoming hurdle is at $1.14, an important psychological and technical barrier.

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If the current trend persists, FTM might challenge the resistance at $1.50, and if it surpasses this level, it could indicate a prolonged bullish run. Yet, traders should be vigilant for a possible correction since support around $0.84 corresponds with an established uptrend line.

Therefore, maintaining current momentum is crucial for Fantom to achieve these ambitious targets.

The increase in network growth indicators suggests a high level of user engagement. Over the last week, new addresses jumped by approximately 73.68%, and the number of zero-balance accounts grew by around 55.47%. This data underscores strong adoption as more users are embracing the ecosystem.

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Furthermore, the rising activity indicates a boost in confidence towards FTM, fueling the continuous surge in its price. With positive adoption patterns persisting, they might foster lasting increases in the token’s worth.

On-chain signals: bullish or cautious?

1) According to FTM’s on-chain indicators, there’s a generally positive trend in the market. The network is growing at a rate of 0.54% each day, indicating consistent growth. However, the “In the Money” figure decreased by 1.23%, implying that some investors might be cashing out their profits slightly.

Conversely, larger transactions increased by 0.50%, suggesting that big-ticket and institutional deals are still backing the upward trend. Despite some short-term wariness, the general perspective remains optimistic.

FTM technical indicators: volatility and momentum

According to Fantom’s technical markers, there seems to be an increase in market fluctuations and rising momentum. The Stochastic RSI currently reads 3.71 and 3.29, indicating that the market might be overbought, suggesting room for additional price increases in the near future.

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Furthermore, FTM’s price is almost touching the upper limit of the Bollinger Band at $1.22, suggesting a strong bullish trend. Meanwhile, the lower band at $0.98 serves as a potential support level. However, breaking past the $1.14 resistance point is essential for opening up possibilities towards higher goals like $1.50.

The long/short ratio for FTM reveals cautious optimism. While 52.82% of traders are short, 47.18% remain long, showing a balance between bullish and bearish expectations.

This proportion shows a blend of optimism and caution, with traders considering both the potential for ongoing profits and the chance of temporary adjustments.

Read Fantom’s [FTM] Price Prediction 2024-25

It seems likely that Fantom will spearhead the upcoming market surge. Its robust price trend, increasing network usage, and optimistic indicators combined indicate that Fantom Token (FTM) could potentially experience more expansion, if critical resistance thresholds can be surpassed.

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2024-12-22 13:11