Blog

Fantom, the DAG-based sensible contracts platform providing Defi companies, has as soon as once more witnessed sturdy community exercise in current weeks. In the final 24 hours, the Fantom (FTM) worth has surged by 13% taking pictures up all the way in which to $0.81 with a market cap of $2.26 billion. Moreover, the every day buying and selling volumes for Fantom have additionally surged by 37% all the way in which to $538 million.

Fantom Network Sees Strong Whale Activity

Renowned crypto analyst Ali Martinez delves into the dynamics of Fantom ($FTM), revealing promising traits throughout the community. Martinez emphasizes that whereas the Fantom chart could seem complicated, it signifies notable developments.

Specifically, there was a marked enhance in whale transactions, accompanied by an increase within the holdings of main FTM traders. Additionally, there was a notable discount in FTM balances held on exchanges.

These community traits are seen as key drivers behind the current surge in Fantom’s worth. Martinez interprets these developments as indicative of a strong and optimistic market sentiment surrounding the cryptocurrency.

On March 3, 2024, the transaction quantity for Fantom (FTM) in USD reached a major milestone, totaling $235 million. Analyzing the expansion in transaction quantity all through the month, there was a notable enhance from $8.3 million on February 6, 2024, to $73 million by March 3, 2024, marking a formidable surge of roughly 780%. Concurrently, Fantom’s worth skilled a robust optimistic correlation, rising from $0.36 to $0.64 throughout the identical interval.

However, the transaction quantity skilled a downturn from its peak of $73 million on March 3 to $35 million by March 6. Such a fast decline of over 50% in transaction quantity inside a brief timeframe might point out a cooling off of exercise.

FTM Price Action

The majority of addresses, roughly 83.04% or 2,930, have acquired FTM at costs under the present market worth of $0.83. This establishes a strong assist zone within the vary of $0.73 to $0.75, the place a major variety of purchases have been made.

Fantom reached a 52-week excessive immediately following a 20% worth surge. At the time of writing, FTM is priced at $0.81, approaching a vital resistance degree of $0.91. If FTM surpasses this resistance, it’s more likely to provoke a considerable rally towards the $1.1 vary.

The current launch of Fantom Sonic mainnet has elevated FTM’s publicity on social media. This improve consists of enhancements to the Fantom Virtual Machine, promising improved pace and efficiency execution.

✓ Share:

Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary expertise.

The offered content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.