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Fantom (FTM) was created. 17% increase Over the past week, there has been a very good trend, with strong support in the $0.47-$0.48 area, according to IntoTheBlock data. This suggests that the price rise may be linked to increased demand and growing network interest.
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Nearly 1,560 addresses bought 242.56 million FTM tokens in this range, providing a solid base for the recent rally. Crypto trader Mister Crypto mentioned the ongoing development of the network, saying: “It’s one of my main holdings, and I think it will eventually see a massive rally.”
Trading volumes are showing increasing interest, with CoinMarketCap reporting that they jumped over 150% last week. The $2 billion increase in total value locked is fueling the expansion of the DeFi ecosystem. But will FTM be able to overcome the crucial resistance? Let’s dig deeper into the numbers.
Fantom IOMAP chart. Source: IntoTheBlock
DApp volume tripled overnight
The Fantom ecosystem is also performing well, especially in the dApp space. According to a report by DappRadar, volumes increased from $3.4 million to $9 million in just 24 hours, showing how important the network is for decentralized applications. DeFi activity on Fantom has also increased significantly, with data from DeFiLlama indicating that the network’s TVL is $77 billion.
This surge is not only attracting traders but also developers and making Fantom a strong player in the DeFi space. While these developments are promising, the real test will be whether FTM can break through the long-standing resistance level.
FTM faces major resistance
FTM price has been retesting the $0.52 resistance point for weeks, and with multiple attempts to break it, it has failed on multiple occasions, causing each failure to lead to a bearish reversal, although there are signs that FTM may finally break this trend.
The FTM CMF indicator has also turned positive, indicating strong buying pressure. The OBV indicator is rising accompanied by an increase in trading volume. The trend confirmation will come if the OBV indicator breaks above the “smoothing line”. A break of the $0.52 level will open the way for a further rise to the $1,618 level at $0.63.
13. Phantom $FTM
This is not a shiny new coin, it is an original coin with a lot of development behind the scenes.
It’s one of my most valuable assets, and I think it will eventually see a huge uptick.
It may take some time, but I think it will happen eventually. pic.twitter.com/hFiGts2X2N
— Mr. Crypto (@misterrcrypto) September 10, 2024
What awaits Phantom?
Mr. Crypto expressed some optimism about Phantom’s future, saying that all the quiet development work is going on in the background. He believes that while FTM may take some time to get off the ground, the network will see massive growth in the long run. The most exciting new development is the Sonic upgrade, which is scheduled to be released in late 2024.
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This means Sonic will be bringing a new Fantom virtual machine, an improved Lachesis consensus mechanism, and advanced database storage. These upgrades will help improve the speed and scalability of the network. All of these upgrades should make the network more attractive to developers and investors alike.
Looking ahead, Fantom’s strong on-chain support coupled with some technical upgrades on the horizon has it primed and ready to show excellent growth in the future. Despite this, a push above the $0.52 resistance level remains an immediate must, and the long-term outlook already seems optimistic with Sonic’s upgrade and DeFi growth.
Featured image from Shrimpy Academy, chart from TradingView