FTM Rockets 17% Amid Growing Interest In Fantom Ecosystem

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Name	Symbol	Market	Market Cap ($)	Algorithm
Fantom Token	FTMUSD	Crypto	2,943,816,577	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Fantom Token

FTMUSD

Crypto

2,943,816,577

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.020	-1.85%	1.06	1.06	1.06

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.020

-1.85%

1.06

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.13	1.03	1.08	1.08	0.260300 - 1.23

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.13

1.03

1.08

0.260300 - 1.23

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	16:24:14	181.25	1.06	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

16:24:14

181.25

1.06

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,681,375.11	2,500,918.48	FTM	FTMEUR	FTMGBP	FTMBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,681,375.11

2,500,918.48

FTM Rockets 17% Amid Growing Interest In Fantom Ecosystem

17/09/2024 3:00pm

NEWSBTC

Fantom (FTM) has been soaring 17% over the past week, on a quite decent trend, with strong support recorded in the area of $0.47-$0.48, data from IntoTheBlock indicates. This suggests that the price jump may be connected to increased demand and growing network interest. Related Reading: Bitcoin On Track For $92,000 ‘Bounce’ In 3 Months, Analyst Predicts Approximately 1,560 addresses bought 242.56 million FTM tokens in this range, thereby providing a firm base for the recent run. Crypto trader Mister Crypto mentioned the network’s ongoing development, saying, “It’s one of my major holdings, and I believe it will eventually see a massive leg up.” The trading volumes show growing interest; CoinMarketCap notes that they jumped over 150% last week. Rising Total Value Locked by $2 billion is driving expansion of the DeFi ecosystem. Will FTM, however, be able to overcome crucial resistance? Let’s dig deeper into numbers. Fantom IOMAP chart. Source: IntoTheBlock DApp Volumes Triple Overnight The Fantom ecosystem is also performing well and more so in the dApp space. According to the report by DappRadar, volumes rose from $3.4 million to $9 million within just 24 hours, showing how relevant the network was in decentralized applications. DeFi activity on Fantom has also increased much as data from DeFiLlama indicate that TVL of the network stands at $77 billion. This boom attracts not only traders but also developers and makes Fantom a strong player in the DeFi area. While these developments are promising, the actual test would be if FTM can break through its long-standing resistance level. FTM Hits Major Resistance FTM had been retesting a resistance point of $0.52 for weeks, and, with multiple pushes to break through, it has failed on many occasions, causing each failure to result in a bearish reversal, although there are signs that FTM might finally break this trend. FTM’s CMF has also flipped positive, indicating strong buying pressure. OBV is rising accompanied by an increase in trading volume. Confirmation of the trend will be coming if OBV breaks above its “smoothing line.” Breaching $0.52 will open the way for further rally to the 1.618 level at $0.63. 13. Fantom $FTM This is not a shiny new coin, but an OG coin with a lot of development behind the scenes. It’s one of my major holdings, and I believe it will eventually see a massive leg up. It might take some time, but I think it will happen eventually. pic.twitter.com/hFiGts2X2N — Mister Crypto (@misterrcrypto) September 10, 2024 What’s In Store For Fantom? Mister Crypto shares some optimism about the future for Fantom, saying that all the silent development work is going on in the background. He believes that though FTM may take some time to take off, the network is in for huge long-term growth. The most exciting new development lies in the Sonic upgrade, which should roll out around the end of 2024. Related Reading: Avalanche Revenue Nosedives Over 40% In Q2 – Impact On AVAX Price It means Sonic will bring a new Fantom Virtual Machine, an optimized Lachesis consensus mechanism, and advanced database storage. These upgrades will help improve the network speed and scalability. All these upgrades can make the network more appealing to developers and investors alike. Looking ahead, Fantom’s strong on-chain support combined with some technical upgrades on the horizon keeps it primed and ready to display excellent growth going forward. Despite this, a push above the $0.52 resistance level remains an immediate necessity, the outlook long-term does indeed look hopeful with the Sonic upgrade and growth of DeFi. Featured image from Shrimpy Academy, chart from TradingView

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FTMUSD Fantom Token