Fantom's price sees 12% hike - $1 on the cards for FTM's prediction?

Fantom’s Bullish Momentum

Fantom [FTM] had a remarkable performance in the last 24 hours, showing double-digit growth as the token’s price surged. This positive momentum was accompanied by an increase in the network activity of Fantom’s blockchain over the past month, driven by various developments within its ecosystem.

Fantom Bulls Charge Ahead

While the broader crypto market was dominated by bearish trends, Fantom defied the odds with green weekly and daily charts. According to CoinMarketCap, FTM witnessed a 17% increase in the past week, and a 12% surge in the last 24 hours. Currently trading at $0.9659 with a market cap exceeding $2.7 billion, Fantom holds the 44th position in the crypto rankings.

There has been a noticeable uptick in social volume and bullish sentiment surrounding Fantom, further supported by a rise in weighted sentiment for the token.

Analyzing the Trend

Although social metrics suggest a bullish outlook, there is a growing selling pressure on FTM. Data from Santiment’s analysis reveals an increase in FTM’s supply on exchanges, while top addresses holding the token remain inactive. This could indicate a potential price correction as the selling pressure mounts.

Future Projections for FTM

A look at Fantom’s liquidation heatmap indicates a significant level of liquidation when the token reaches $1.09. This raises the possibility of a slight price correction at that level, suggesting a potential target for traders to monitor.

Technical analysis shows positive signs with the Chaikin Money Flow (CMF) and MACD pointing towards a bullish advantage, increasing the likelihood of FTM touching the $1.09 mark.

Stable Network Activity

Despite market fluctuations, Fantom’s network activity remains stable. Data from Artemis reveals consistently high daily active addresses and transaction volume on the blockchain in the last month, indicating a robust ecosystem.

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Recent developments around FTM, such as the success of Fantom Money Market and the launch of 0xGasless on the Fantom blockchain, have contributed to the network’s high activity levels.

Overall, Fantom’s bullish momentum and strong network activity position it well for potential growth and further market impact.

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By Team