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April 22, 2024
Market Analysis

Fantom FTM Continues Above $1.0 Level Amidst Broader Crypto Market Volatility

Fantom (FTM) has demonstrated resilience amidst current market volatility, with its worth rallying to $1.14 on March 21. Regardless of going through bearish sentiment earlier final week, FTM has witnessed a worth change of +9.14%, buying and selling at $1.02 as of 00:21 a.m. EST. This surge comes amid a broader crypto market resurgence.

Technical evaluation reveals FTM’s worth motion consolidating inside an ascending channel, indicating an impending breakout. The token’s worth at the moment hovers close to the higher boundary of this sample, suggesting potential upward momentum. Furthermore, FTM trades above each the 50-day and 200-day Easy Transferring Averages (SMA), reinforcing bullish sentiment.

The Relative Power Index (RSI) hovers above the 50-midline degree, indicating potential for additional upside. Moreover, the Transferring Common Convergence Divergence (MACD) displays a bullish crossover, with the MACD line surpassing the sign line, signaling a bullish development. The histogram’s inexperienced bars extending above the impartial line additional affirm constructive momentum.

Analyst Forecasts 50% Surge

FTM bulls have breached breach the $0.98 resistance degree, with a goal set at $1.2. Nonetheless, a possible draw back exists because the RSI strikes towards oversold territory. Within the occasion of a breakdown under the channel’s decrease boundary, bears could take management, resulting in a retrace in direction of the assist zone round $0.7244.

For the reason that starting of March, Fantom (FTM) has skilled a formidable surge of greater than 150% in worth, climbing from $0.41 to its present worth of $1.05. This surge has been attributed to a multi-year breakout on the chart, as highlighted by crypto analyst Ali Martinez. Martinez, in a current replace, has revised his worth goal for Fantom to $1.44.

Ali Martinez’s tweet on March 16, 2024, suggests a bullish outlook for Fantom, with a projected improve to $1.44. This optimism is grounded in technical evaluation and market developments.

Regardless of the continued surge, Fantom’s worth stays considerably decrease than its all-time excessive of $3.16, recorded again in 2021. Moreover, roughly 43% of buyers are holding their positions at a loss in comparison with their preliminary funding. This means that many buyers are awaiting additional development within the token’s worth earlier than contemplating promoting.

Fantom (FTM) anticipates a major surge because it approaches the mainnet launch of its Sonic improve. The broader market’s accumulation indicators a possible bull breakout, additional strengthening this outlook.

Sonic Improve Enhancements

Fantom’s Sonic improve, scheduled for spring, guarantees to revolutionize the platform. Testnets launched final October have raised anticipation for the improve’s potential. Sonic goals to enhance the Fantom Digital Machine, introducing a brand new sensible contracts language whereas decreasing prices and boosting throughput. 

The platform targets 2,000 transactions per second (TPS) on the mainnet, with a 90% lower in storage prices. Fantom goals to increase its presence in DeFi and web3 gaming sectors by its EVM-compatible FVM.

A current put up revealed that the closed testnet for the Sonic improve achieved vital milestones, together with 10,000 TPS with ERC-20 transfers solely, and a pair of,000 TPS with reasonable site visitors. Time to finality for ERC-20 token transfers was famous at 1.6 seconds, additional validating the improve’s potential.

Fantom’s worth surged up to now 24 hours, reaching a spread of $0.8141 to $0.9452. Over the previous two weeks, FTM/USD has risen by over 40%, and it’s up by greater than 126% within the final 30 days. Final week, FTM approached $1, marking a brand new two-year excessive. Regardless of a lower in complete worth locked (TVL) in DeFi protocols since 2022, the Sonic improve may catalyze community development, aligning with the broader market outlook.

 

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