- FTM’s price has hit new weekly highs amid news of Andrew Cronje joining Sonic Labs.
The uptrend showed signs of weakening, alongside a possible correction to $0.36.
As a seasoned crypto investor with battle scars from numerous market cycles, I’ve learned to read between the lines and not get too carried away by short-term price movements. The recent surge in Fantom [FTM] is certainly intriguing, but it’s important to approach it with caution.
In the past week, there’s been a resurgence of optimistic feelings towards Fantom [FTM], as its price surged by 18%, rising from $0.29 to reach a peak of $0.37.
At the moment of this writing, FTM was valued at approximately $0.373. Over the last day, the token experienced a growth of more than 10%, surpassing the performance of both Bitcoin (BTC) and Ethereum (ETH).
It appears that trading activity has significantly increased by 44%, as reported by CoinMarketCap, which could be due to traders capitalizing on the upward trend, raising the question: What factors are fueling the rise in FTM?
DeFi pundit rejoins Fantom ecosystem
Sonic Labs (formerly known as Fantom Labs) has revealed that they have appointed Andrew Cronje, a renowned figure in the field of decentralized finance (DeFi), to serve as their new Chief Technology Officer (CTO).
A DeFi (Decentralized Finance) specialist will be instrumental in initiating the launch of Fantom Sonic, a highly scalable and advanced network designed to supersede the existing Fantom Opera network.
Upon the launch of Sonic Network, FTM token holders will have the opportunity to transfer their tokens to a freshly minted $S token at a one-to-one exchange rate.
Previously, Cronje’s participation in the Fantom community significantly boosted its development. In fact, during 2022, the value of FTM surged by 45% due to rumors that Cronje was returning to the team.
The cost pattern resembles past fluctuations, including a current rise. Yet, these surges might not last long if the underlying foundations are weak.
Will FTM sustain the uptrend?
Examining the technical signs suggests a gradual decline in the upward trend. The Moving Average Convergence Divergence (MACD) line being above zero means that the short-term growth is favorable.
However, the MACD is trending below the signal line, suggesting that the rally might be weakening.
Analyzing the Chaikin Money Flow (CMF) also showed that buying pressure, while present, was steadily declining. The CMF has made a lower low but maintained a positive value at 0.13.
Although the decreasing Cash on Hand (CMF), even with the rise in prices, demonstrated a bearish contradiction, suggesting a potential drop for Token X (FTM) as it approaches lower support zones.
If the upward trend doesn’t hold, Filecoin (FTM) could potentially fall to the 0.618 Fibonacci level, which is approximately $0.36. Another potential support level exists at a slightly lower point, the 0.382 Fib ($0.352).
Read Fantom’s [FTM] Price Prediction 2024-25
If investors return to the market, there’s a chance that Fantom (FTM) could surge back up to prices similar to those at the start of this month, which were over $0.408.
According to information from IntoTheBlock, many Fantom Token (FTM) holders were experiencing losses at the current moment. If these individuals decide to sell their tokens in order to limit their losses, there could potentially be additional drops in FTM’s price.
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2024-08-15 12:32