- FTM surges 63%, with the best exercise in 18 months testing key resistance at $1.22.
- Bullish momentum continues as FTM turns $1.02 into essential help.
- A break above $1.22 might result in $1.49, whereas a failure dangers falling again to $0.86.
Fantom (FTM) has rallied, gaining 63% over the previous six days to $1.08 on the time of writing. This upward momentum coincides with a rise in every day energetic addresses on the community, reaching its highest degree in virtually 18 months.
In keeping with Santiment knowledge, Fantom recorded 2,132 distinctive every day energetic addresses making transfers on November 24-25. This surge exceeds earlier exercise peaks, such because the 1,489 addresses recorded on December 22 and 23, 2023 and the two,040 addresses recorded on March 19 and 20, 2024.
Traditionally, such exercise has signaled short-term worth highs, typically adopted by corrections as enthusiasm fades. These fashions recommend that concern of lacking out (FOMO) amongst merchants results in momentary spikes in utility. It stays to be seen whether or not Fantom's present restoration will proceed.
FTM Market Costs and Metrics
FTM is at the moment buying and selling at $1.08, giving it a market cap of $3.02 billion. Its 24-hour buying and selling quantity stood at $1.35 billion, up 53.39% from the day prior to this.
The weekly FTM chart exhibits bullish momentum, with worth surpassing all key exponential transferring averages (EMA 20/50/100/200). The present worth, at $1.08, is properly above the 200-day EMA at $0.4628, confirming a stable uptrend. The 20-day EMA ($0.6928) and 50-day EMA ($0.6026) present an growing hole, reinforcing the bullish sentiment.
Nonetheless, the Relative Energy Index (RSI) is at 66.06, indicating that FTM is approaching overbought circumstances. This means that FTM’s bullish momentum could also be weakening. The cryptocurrency broke above the important thing 78.6% Fibonacci retracement degree at $1.02, turning it right into a essential help zone.
The token nonetheless faces a resistance degree of $1.22, an space final seen on March 18. If FTM rises above this degree, it might see additional positive aspects. If it fails to rise above $1.22, a pullback to $0.86 – aligned with the 61.8% Fibonacci retracement degree – is feasible. Alternatively, a sustained rally might see the token attain $1.49, which coincides with the 127.20% Fibonacci extension.
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