Fantom’s $0.84 Resistance: The Key to its Future?

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  • Fantom surged 20% in 24 hours, reaching $0.836 amid its Sonic rebranding and a 186% spike in active addresses.
  • All eyes are on the critical $0.84 resistance level.

In the past day, Fantom [FTM] has gained significant attention due to a rise of approximately 20%. At the moment of writing, this increase has driven its value up to $0.836.

On the day-to-day graph, the value of the altcoin is nearing a significant barrier near $0.84, sparking much discussion about its impending direction.

There’s a lot of excitement brewing as both technical indicators and blockchain data are pointing towards a possible surge in the market.

What is behind the recent FTM rally?

The rebranding of FTM (Fantom) as Sonic has piqued greater investor curiosity. This strategic shift mirrors transformations within Fantom, aiming to enhance the allure of its blockchain.

Apart from the name change, data from IntoTheBlock reveals a significant surge in active addresses – a jump of 186%. This substantial rise implies that a larger number of individuals are engaging with the Fantom blockchain, hinting at growing acceptance and practical use.

Increased trading activity is being fueled by a decrease in withdrawals from exchanges starting from January 6. A decrease in withdrawals usually signifies less selling pressure, potentially setting the stage for consistent growth in FTM prices.

The agreement of these feelings implies that Fortune Tech Media’s (FTM) rally isn’t solely based on speculation, but rather it seems to be supported by growing underlying factors.

Will the $0.84 resistance level hold?

Previously, the $0.84 mark has consistently served as a robust obstacle for FTM’s price surges. Overcoming this barrier could ignite fresh bullish energy, possibly propelling the cryptocurrency to challenge the psychologically significant $1 threshold.

If we don’t manage to overcome this crucial challenge, there’s a possibility that the price of Fantom could pull back and touch its support at approximately $0.80.

What is on the horizon for the altcoin?

With the increased focus on Sonic’s rebranding, there may be a significant increase in the wider use of FTM’s ecosystem. The substantial 186% rise in active addresses suggests an upward trend in network activity, which is a positive sign for FTM’s long-term expansion.

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

For now, surpassing $0.84 is a crucial hurdle for Fantom. If achieved, Fantom Token (FTM) might escalate to confront stronger resistance levels.

Presently, the path of altcoins relies significantly on their technical progression and the sustained optimism about the Sonic rebranding.

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2025-01-17 09:11